/raid1/www/Hosts/bankrupt/TCR_Public/170530.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, May 30, 2017, Vol. 21, No. 149
Headlines
21ST CENTURY: June 8 Meeting Set to Form Creditors' Panel
238 LAKEVIEW: Taps Harvey I. Marcus as Legal Counsel
5 STAR INVESTMENT: Trustee Selling South Bend Property for $30K
688 10TH AVE: Taps Morrison Tenenbaum as Legal Counsel
97 GRAND AVENUE: Plan Outline Okayed, Plan Hearing on June 13
A.C.M. HOME HEALTH: Taps Villeda Law Group as Legal Counsel
ABENGOA KANSAS: Intercompany Claimholders to Get 0% Under Plan
ABRAHAM BEROOKHIM: Sale of Santa Monica Property for $4.7M Approved
ADAMS RESOURCES: Aug. 1 Hearing on Bid to Sell Oil and Gas Assets
AMERICAN TOOLS: Unsecureds Creditors to be Paid 3% Over 5 Years
ANADARKO PETROLEUM: Egan-Jones Hikes Sr. Unsecured Ratings to BB
APPLEWOOD CAFE: Has Interim Nod to Use NYS Tax Cash Collateral
ATIF INC: Seeks to Retain Buell & Elligett as Special Counsel
AUTO INC: Selling Dallas and San Antonio Properties for $500K
AVAYA INC: Avaya Widow Asserts Survivor Benefits
AZURE MIDSTREAM: Equity Committee Taps Brown Rudnick as Counsel
BABAK SHAMTOUB: Emona Buying Tarzana Property for $600K
BERNARD L MADOFF: Fund Seeks US Supreme Court Review of ERISA Suit
BRIGHTVIEW LANDSCAPE: S&P Affirms 'B' Rating on Credit Facilities
CABOT OIL: Egan-Jones Ups Sr. Unsecured Ratings to BB-
CAL NEVA LODGE: June 1 Hearing on Creditors' Disclosure Statement
CAMBER ENERGY: Court Dismisses Suit vs. Discover Fund
CARESTREAM HEALTH: S&P Affirms 'B' CCR, Off CreditWatch Negative
CERATECH INC: U.S. Trustee Forms 3-Member Committee
CERTO'S PORK: Taps Morrison Tenenbaum as Legal Counsel
COACH INC: Egan-Jones Assigns BB+ Sr. Unsecured Ratings
CONNECTURE INC: Covenant Problems Raises Going Concern Doubt
COSI INC: Cash Collateral Motion Withdrawn, Hearing Cancelled
CS360 TOWERS: Sale Process for Sacramento Properties Proposed
DEVAL CORP: PDI, PDIGSS Seek Ch. 11 Trustee Appointment
DILLARD'S INC: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
DUFOUR PASTRY: Has Access to Cash Collateral Until Plan Approval
EATERIES INC: Has Final OK to Use Cash Collateral, Obtain Financing
ELDORADO GOLD: S&P Lowers CCR to 'B+'; Outlook Stable
ELM RIDGE: Getzler Henrich Acted as Advisor in Asset Sale
EMPLOYBRIDGE HOLDING: S&P Lowers CCR to 'CCC+' on Underperformance
EV ENERGY: Anticipates Default, Admits Going Concern Doubt
FAIRFIELD SENTRY: 2nd Cir. Upholds Scrapped $230M Claim Sale
FLOOR & DECOR: S&P Raises CCR to 'B+' After Solid Earnings
FREE GOSPEL: Dismissal, Ch. 11 Trustee Sought over Gross Management
FRESH & EASY: Satoma Buying Liquor License No. 539700 for $100K
GASTAR EXPLORATION: Amends $300 Million Prospectus with SEC
GENERAL EXCAVATION: Resolves Cash Use Objections
GENTLEPRO HOME: Can Use CAN Cash Collateral Until Aug. 24
GEORGE STREET: Withdraws Bid to Use Cash Collateral
GETCHELL AGENCY: DOJ Watchdog Seeks Ch. 11 Trustee Appointment
GNC HOLDINGS: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
GOLDEN QUEEN: Debt Maturities Raise Going Concern Doubt
GOLDEN TOUCH: Asks for Court Okay to Use Cash Collateral
GREAT FALLS DIOCESE: Taps NAI Business to Sell Villa Apartments
GRIER BROS: Asks for Court Authorization to Use Cash Collateral
GROTE MOLEN: Sale of Home Grain Mill Business Completed March 31
GROW CONDOS: Reports $119,400 Net Loss for Third Quarter
GYMBOREE CORP: Daniel Griesemer Named Chief Executive Officer
HALT MEDICAL: Has Court's Nod to Use Cash Collateral
HELIX ENERGY: Egan-Jones Raises Sr. Unsecured Debt Ratings to B-
HI-CRUSH PARTNERS: S&P Affirms 'B-' CCR & Alters Outlook to Stable
HOOPER HOLMES: WH-HH Hikes Stake to 49.1% Stake After Provant Deal
HPE TRANSPORTATION: Case Summary & 20 Largest Unsecured Creditors
HYPNOTIC TAXI: Owner Sues Accountants for Malpractice
IDDINGS TRUCKING: Taps Thomas Giusti as Consultant
INTERPACE DIAGNOSTICS: Proposes Public Offering of Common Shares
J.G. NASCON: Aguilera Buying Volvo EC150 Excavator for $23K
JACK COOPER: Exchange Offers Expiring May 31 After 3rd Extension
JAMUL INDIAN: S&P Lowers ICR to 'CCC+', Off CreditWatch Negative
JAT SYSTEMS: Case Summary & 20 Largest Unsecured Creditors
JOHN Q. HAMMONS: WICP Buying Lindon Property for $9.9M
KDA GROUP: Amends Provision on Treatment of Priority Tax Claims
KENNETH MANIS: Sale of Baxter Properties Approved
KOHL'S CORP: Egan-Jones Cuts Sr. Unsecured Ratings to BB+
LEOR DEPARTMENT: Taps Gabriel Del Virginia as Legal Counsel
LIBERTY INDUSTRIES: Reaches Deal on Cash Use Until June 30
LONG BEACH MEDICAL: Hearing on Disclosures Approval Set for June 21
LORETTA'S HOME: Wants to Use IRS's Cash Collateral
LUMENATE TECHNOLOGIES: Case Summary & 20 Top Unsecured Creditors
MACY'S INC: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
MAXUS ENERGY: Madison Buying De Minimis Assets for $262K
MCGEE TRUCKING: U.S. Trustee Unable to Appoint Committee
MENA STEEL BUILDINGS: Has Authority to Use Cash Collateral
MIDLAND FUNDING: High Court Won't Review Nelson's Stale Debt Suit
MONUMENT SECURITY: Court Forbids Cash Access Until End of 2017
MOUNTAIN CREEK: Wants to Use Cash Collateral, Obtain DIP Financing
MTX LEASING: U.S. Trustee Unable to Appoint Committee
NEW ENGLAND MECHANICAL: Wants to Use Cash Collateral Until Aug. 31
NUVERRA ENVIRONMENTAL: Egan-Jones Lowers Sr. Unsec. Ratings to D
OAKRIDGE HOLDINGS: Taps Sapientia Law Group as Legal Counsel
OCONEE REGIONAL: May Continue Pre-Existing Insurance Programs
OCONEE REGIONAL: May Pay Prepetition Wages, Payroll Taxes, Benefits
OCONEE REGIONAL: Taps Houlihan Lokey as Investment Banker
OLYMPIA OFFICE: Unsecured Creditors to Get 10% Over 60 Months
OPEXA THERAPEUTICS: Receives Another NASDAQ Noncompliance Notice
PARAGON POOLS: Amends Plan Outline to Correct Ch. 11 Case No.
PARIS ART LABEL: Getzler Was M&T Advisor in Loan Recoupment
PAYLESS HOLDINGS: Has Final Approval of $385M DIP Financing
PEN INC: Posts $94,400 Net Income for First Quarter
PHOTO STENCIL: Photo Stencil Mexico Buying Stencil Laser for $70K
PIONEER ENERGY: Shareholders Elect Two Directors
PLYMOUTH EDUCATIONAL: S&P Affirms 'B-' Rating on 2005 School Bonds
PRECISE CORPORATE: Hearing on Disclosure Statement Set for June 14
PRESBYTERIAN VILLAGES: Fitch Affirms BB+ on $30.5MM Revenue Bonds
QUOTIENT LIMITED: Reports MosaiQ Progress & Financial Results
R & A PROPERTIES: Taps Wandro & Associates as Legal Counsel
RECOM INC: May Use First Home's Cash Collateral Until June 22
REGIS GALERIE: Has Access to Cash Collateral Until July 30
RENNOVA HEALTH: Incurs $49.7 Million Net Loss in First Quarter
RGL RESERVOIR: Moody's Lowers CFR to C on Likely Bankruptcy
ROSE HILL ESTATE: U.S. Trustee Unable to Appoint Committee
RUE21 INC: U.S. Trustee Forms 7-Member Committee
RYCKMAN CREEK: U.S. Trustee Objects to Proposed Bid Protections
SABRE GLBL: S&P Affirms 'BB-' CCR & Revises Outlook to Positive
SANCTUARY CARE: Has Cash Access Pending Sale Closing
SANDFORD AND SON: Plan Outline Okayed, Plan Hearing on June 14
SEMTECH CORP: Egan-Jones Raises Sr. Unsecured Ratings to BB+
SHABSI BRODY: Sale of Alamitos Property to MEOR for $225K Approved
SINCLAIR BROADCAST: Egan-Jones Lowers Sr. Unsec. Ratings to BB-
SKIP BARBER: Seeks Cash Collateral Access Pending Assets Sale
SMART WORLDWIDE: S&P Raises CCR to 'B+' on IPO and Debt Repayment
STEWART DUDLEY: Magnify's Sale of Panama Condo Unit for $168K OK'd
STINAR HG: Asks for Approval to Use Cash Collateral
STINAR HG: In Ch.11 as Sale Stalled Amid Lack of Shareholder Vote
STINAR HG: Seeks Approval of $325,000 DIP Loan from Failed Buyer
STONE PROJECTS: Has Approval to Use Cash Collateral Until June 7
T-MOBILE US: Egan-Jones Downgrades Sr. Unsecured Ratings to BB-
THERMO FISHER: Egan-Jones Cuts Sr. Unsecured Ratings to BB+
TOTAL OFFICE: Asks for Approval to Use Cash Collateral
TURNING LEAF: Taps Michael D. O'Brien as Legal Counsel
U.S. EDGE: Taps ClearView Financial as Accountant
UNIQUE PHYSIQUE: Hearing on Disclosure Statement Set for June 8
UNITED ROAD: Sec. 363 Asset Sale Successfully Closed
VALUEPART INCORPORATED: Taps Plante & Moran as Tax Advisor
VANITY SHOP: Taps Hilco IP Services as IP Consultant
VP LITTCO: U.S. Trustee Unable to Appoint Committee
W & W LLC: Lender Opposes Access to Medical Facilities' Rents
WEST CORP: Egan-Jones Lowers Sr. Unsecured Ratings to B+
WILLIAMS COS: Egan-Jones Raises Sr. Unsecured Ratings to BB
[*] CHOICE Act to Cut Deficit by $24BB, CBO Report Shows
[*] Gianni Russello Joins Z Capital as Managing Director
[*] Henrich Among Global M&A Top 100 Insolvency Professionals List
[*] Internet Hits Food, Retail Sectors, G&H's Mark Samson Says
[*] Rhode Island's Longest-Serving Judge Dies at 86
[^] Large Companies with Insolvent Balance Sheet
*********
21ST CENTURY: June 8 Meeting Set to Form Creditors' Panel
---------------------------------------------------------
William K. Harrington, United States Trustee for Region 2, will
hold an organizational meeting on June 8, 2017, at 10:30 a.m. in
the bankruptcy case of 21st Century Oncology Holdings, Inc., et
al.
The meeting will be held at:
New York Palace Hotel
The Holmes Foyer and Ballroom
455 Madison Avenue
New York, NY 10022
The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.
The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code. A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.
To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.
Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization. The Committee may also perform other services as
are in the interests of the unsecured creditors whom it
represents.
About 21st Century Oncology
21st Century Oncology Holdings, Inc. is the largest global
provider
of integrated cancer care services. The Company offers a
comprehensive range of cancer treatment services, focused on
delivering academic quality, cost-effective patient care in
personal and convenient settings. As of March 31, 2017, the
Company operated 179 treatment centers, including 143 centers
located in 17 U.S. states and 36 centers located in seven
countries
in Latin America.
On May 25, 2017, 21st Century and 59 U.S. affiliates filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 17-22770).
The Debtors have sought joint administration of the cases, which
are pending before the Honorable Robert D. Drain.
Millstein & Co. is acting as financial advisor to 21st CO and
Alvarez & Marsal Healthcare Industry Group is acting as interim
senior management. Kirkland & Ellis is acting as the Company's
legal counsel in connection with the debt restructuring. Kurtzman
Carson Consultants LLC is the claims and noticing agent.
238 LAKEVIEW: Taps Harvey I. Marcus as Legal Counsel
----------------------------------------------------
238 Lakeview Avenue, LLC seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to hire legal counsel in
connection with its Chapter 11 case.
The Debtor proposes to hire the Law Offices of Harvey I. Marcus to,
among other things, negotiate with creditors and assist in the
preparation of a bankruptcy plan.
The firm's billing rate is $350 per hour. Marcus received a
retainer in the amount of $8,500 prior to the Debtor's bankruptcy
filing.
Harvey Marcus, Esq., disclosed in a court filing that he and his
firm are "disinterested" as defined in section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Harvey I. Marcus, Esq.
Law Offices of Harvey I. Marcus
250 Pehle Avenue, Suite 200
Saddle Brook, NJ 07663
Phone: 201-384-2200
Email: address HIM@lawmarcus.com
About 238 Lakeview Avenue
238 Lakeview Avenue, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 17-20402) on May 20, 2017.
Eva Alvarez, managing member, signed the petition.
At the time of the filing, the Debtor estimated assets and
liabilities of less than $500,000.
5 STAR INVESTMENT: Trustee Selling South Bend Property for $30K
---------------------------------------------------------------
Douglas R. Adelsperger, Trustee of 5 Star Investment Group, LLC,
and affiliates, asks the U.S. Bankruptcy Court for the Northern
District of Indiana to authorize the private sale of real estate
commonly known as 802 E. Altgeld Street, South Bend, St. Joseph
County, Indiana, to Lynn Hartman for $30,000.
On March 23, 2016, the Court entered its Order Granting Motion for
Joint Administration, consolidating the Debtors' Bankruptcy Cases
for purposes of administration only.
On June 24, 2016, the Court entered its Agreed Order Granting
Trustee's Motion for Substantive Consolidation, substantively
consolidating the Debtors' bankruptcy cases for all postpetition
matters and purposes, effective as of the Petition Date, and
deeming that all assets and liabilities of the bankruptcy cases to
be consolidated into one bankruptcy estate, to be administered in
accordance with the Bankruptcy Code under the jurisdiction of the
Court ("Consolidated Bankruptcy Estate").
On July 21, 2016, the Court entered Order Granting Application to
Employ Tiffany Group Real Estate Advisors, LLC as the Bankruptcy
Estates' Broker, authorizing the employment of Tiffany Group Real
Estate Advisors, LLC as real estate brokers with respect to the
sale of real estate in these bankruptcy cases. Pursuant to the
agreement between the Trustee and Tiffany Group approved by the
Court.
Tiffany Group is entitled to receive a commission of 5% of the
total purchase price for all sales that were obtained solely
through the efforts of the Tiffany Group.
Prior to the Petition Date, on Nov. 5, 2015, the United States
Securities Exchange Commission ("SEC") filed a complaint against
the Debtors' sole owner, Earl D. Miller, 5 Star Capital Fund, LLC
and 5 Star Commercial, LLC, in the United States District Court for
the Northern District of Indiana, Hammond Division ("SEC Action").
In its complaint, the SEC alleged that Miller, 5 Star Capital Fund,
and 5 Star Commercial defrauded at least 70 investors from whom
they raised funds of at least $3,900,000. Additionally, on Nov. 5,
2015, the SEC obtained an ex parte Temporary Restraining Order,
asset freeze and other emergency relief in the SEC Action.
Prior to the Petition Date, 5 Star Investment Group V, LLC was the
sole owner of the Real Estate. The Real Estate is subject to a tax
lien for delinquent real estate taxes that have accrued for 2014
through 2016 and real estate taxes that will accrue for 2017.
The Real Estate is also subject to these Investor Mortgages:
a. A first priority investor mortgage in favor of Michael
Walther dated Oct. 8, 2014. The Walther Mortgage was recorded on
Nov. 6, 2014 in the Office of the Recorder of St. Joseph County,
Indiana, as Instrument No. 1427770.
b. A second priority investor mortgage in favor of Reuben E.
Schmucker dated Oct. 10, 2014. The R. Schmucker Mortgage was
recorded on Nov. 6, 2014 in the Office of the Recorder of St.
Joseph County, Indiana, as Instrument No. 1427771.
c. A third priority investor mortgage in favor of Matthew
Schmucker dated Oct. 8, 2014. The M. Schmucker Mortgage was
recorded on Nov. 6, 2014 in the Office of the Recorder of St.
Joseph Count, Indiana, as Instrument No. 1427810.
On May 16, 2017, pursuant to the sole efforts of the Tiffany Group,
the Trustee entered into the Purchase Agreement for the sale of the
Real Estate to the Purchasers for $30,000. The Purchase Agreement
provides for the sale of the Real Estate, free and clear of all
liens, encumbrances, claims and interests. It also provides that
any portion of the Tax Lien that represent delinquent real estate
taxes, including real estate taxes that have accrued for 2014
through 2016, will be paid in full at closing. In addition, the
Purchase Agreement provides that any portion of the Tax Lien that
represents real estate taxes for 2017 will be prorated as of the
date immediately prior to the date of closing. Further, it
provides that any other special assessment liens, utilities, water
and sewer charges and any other charges customarily prorated in
similar transactions will be prorated as of the date immediately
prior to the date of closing.
A copy of the Purchase Agreement attached to the Motion is
available for free at:
http://bankrupt.com/misc/5_Star_759_Sales.pdf
Although the Trustee is still in the process of liquidating the
assets of the Consolidated Bankruptcy Estate, it appears that the
assets will fall short of paying the plethora of claimants.
Unfortunately, under these circumstances, no distribution method
can possibly compensate all the investors/creditors fully for their
losses. In order to ensure the fair and equitable treatment of all
investors/creditors in these bankruptcy cases, the Trustee proposes
to sell all real estate free and clear of investor mortgages, with
the liens to attach to the proceeds until further order of the
Court.
The Trustee anticipates that the resolution of how the funds should
be distributed will be raised in the future pursuant to either a
chapter 11 plan and/or separate actions. At such time, all parties
can be heard on how the proceeds from the sale of the Real Estate
secured by the Investor Mortgages should be distributed.
The Trustee submits that the proposed sale pursuant to the Purchase
Agreement will accomplish a "sound business purpose" and will
result in the maximized value for the Real Estate. The Trustee
believes, based on the advice of the Tiffany Group, that the
purchase price of $30,000 reflects the combined fair market value
of the Real Estate, and it therefore maximizes recovery.
Accordingly, the Trustee asks the Court to enter an Order
authorizing him, on behalf of the Consolidated Bankruptcy Estates,
to (i) sell the Real Estate to the Purchaser pursuant to the terms
and conditions of the Purchase Agreement free and clear of all
liens, encumbrances, claims and interests; (ii) disburse from the
sale proceeds, first to pay the costs and expenses of the sale,
including the commission owed to Tiffany Group (approximately
$1,500), second to pay all real estate taxes and assessments
outstanding and unpaid at the time of the sale, including the Tax
Lien, and third to pay the prorated portions for any other special
assessment liens, utilities, water and sewer charges and any other
charges customarily prorated in similar transactions; and (iii)
retain the excess proceeds from the sale until further order of the
Court.
The Trustee asks the Court to waive the requirements of Bankruptcy
Rule 6004(h) in order to allow the Trustee to timely and
expeditiously consummate the proposed sale.
The Purchaser can be reached at:
Lynn Hartman
53700 Beech Road
Osceola, IN 46561
About 5 Star Investment Group
5 Star Investment Group, LLC, and its 10 affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D.
Ind. Lead Case No. 16-30078) on Jan. 25, 2016. 5 Star estimated
its assets at up to $50,000 and its liabilities between $1 million
and $10 million. The Debtor's counsel is Katherine C. O'Malley,
Esq., at Cozen O'Connor, in Chicago, Illinois.
The cases are assigned to Judge Harry C. Dees, Jr.
On Feb. 29, 2016, Douglas R. Adelsperger was appointed as Chapter
11 trustee in each of the bankruptcy cases.
On March 23, 2016, the Court entered an order consolidating the
bankruptcy cases for purposes of administration only.
688 10TH AVE: Taps Morrison Tenenbaum as Legal Counsel
------------------------------------------------------
688 10th Ave Restaurant Corp. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of New York to hire legal
counsel in connection with its Chapter 11 case.
The Debtor proposes to hire Morrison Tenenbaum PLLC to, among other
things, give legal advice regarding its duties under the Bankruptcy
Code, negotiate with creditors, and assist in the preparation and
implementation of a plan of reorganization.
Lawrence Morrison, Esq., the attorney primarily responsible for
representing the Debtor, will charge an hourly fee of $495.
Associates and paraprofessionals will charge $350 per hour and $150
per hour, respectively.
The firm received a retainer of $7,500, plus $1,717 for the filing
fee from a third party.
Mr. Morrison disclosed in a court filing that his firm is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Lawrence F. Morrison, Esq.
Morrison Tenenbaum PLLC
87 Walker Street, Floor 2
New York, NY 10013
Email: lmorrison@m-t-law.com
About 688 10th Ave Restaurant Corp.
688 10th Ave Restaurant Corp. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 17-40766) on Feb. 22,
2017. Thomas Vicari, president, signed the petition.
At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $1 million.
97 GRAND AVENUE: Plan Outline Okayed, Plan Hearing on June 13
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York is
set to hold a hearing on June 13, at 10:00 a.m., to consider
approval of the Chapter 11 plan of liquidation proposed by 97 Grand
Avenue LLC's Chapter 11 trustee.
The court had earlier approved the trustee's disclosure statement,
allowing her to start soliciting votes from creditors.
The May 16 order set a June 9 deadline for creditors to file their
objections and cast their votes accepting or rejecting the proposed
liquidating plan.
A copy of the first amended disclosure statement, which explains
the plan, is available for free at https://is.gd/HltTyS
About 97 Grand Avenue LLC
An involuntary chapter 7 petition (Bankr. S.D.N.Y. Case No.
15-13367) was commenced against 97 Grand Avenue LLC by petitioning
creditor Chun Peter Dong on Dec. 28, 2015. At the Debtor's behest,
Judge Sean H. Lane entered an order dated April 13, 2016,
converting the involuntary case to a voluntary Chapter 11
proceeding.
The Debtor is a single asset real estate company with its primary
asset is the real property identified as 97-101 Grand Avenue and 96
Steuben Street, Brooklyn, New York 11205.
Judge Lane approved the appointment of Deborah J. Piazza, Esq., as
the Chapter 11 trustee for the Debtor. The Debtor is represented
by Deborah J. Piazza, Esq., at Tarter Krinsky & Drogin LLP.
A.C.M. HOME HEALTH: Taps Villeda Law Group as Legal Counsel
-----------------------------------------------------------
A.C.M. Home Health Services, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire legal
counsel in connection with its Chapter 11 case.
The Debtor proposes to hire Villeda Law Group to, among other
things, give legal advice regarding its duties under the Bankruptcy
Code, review and negotiate claims, and assist in the preparation of
a bankruptcy plan.
The hourly rates charged by the firm are:
Antonio Villeda $375
Christopher Cheatham $250
Mike Trevino $190
Paralegal $150
Legal Assistant $65
Other Staff $30
Antonio Villeda, Esq., disclosed in a court filing that he does not
have any business or professional connections with the Debtor or
any of its creditors.
The firm can be reached through:
Antonio Villeda, Esq.
Christopher Cheatham, Esq.
Villeda Law Group
6316 North 10th Street, Bldg. B
McAllen, TX 78504
Tel: (956) 631-9100
Fax: (956) 631-9146
Email: avilleda@mybusinesslawyer.com
Email: ccheatham@mybusinesslawyer.com
About A.C.M. Home Health Services
A.C.M. Home Health Services, Inc. sought protection under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 17-70094) on
March 7, 2017. At the time of the filing, the Debtor estimated
assets and liabilities of less than $1 million.
The Debtor hired Marcos D. Oliva, P.C., as counsel, and Santiago
Gonzalez, Jr., CPA, as accountant.
No trustee, examiner or creditors' committee has been appointed in
the case.
A.C.M. previously filed a Chapter 11 petition (Bankr. S.D. Tex.
Case No. 11-70504) on August 16, 2011.
ABENGOA KANSAS: Intercompany Claimholders to Get 0% Under Plan
--------------------------------------------------------------
Abengoa Bioenergy Biomass of Kansas LLC filed with the U.S.
Bankruptcy Court for the District of Kansas a first amended
disclosure statement for the Debtor's plan of liquidation dated as
of April 14, 2017.
Class 3 Intercompany Claims are impaired by the Plan. Holders of
Intercompany Claims will receive no Distribution under the Plan.
On the Effective Date, the Liquidating Trustee will sign the
Liquidating Trust Agreement and, in his capacity as Liquidating
Trustee, accept all Liquidating Trust Assets on behalf of the
beneficiaries thereof, and be authorized to obtain, seek the
turnover, liquidate, and collect all of the Liquidating Trust
Assets not in his or her possession. The Liquidating Trust will
then be deemed created and effective without any further action by
the Court or any Person as of the Effective Date. The Liquidating
Trust will be established for the purposes of (i) liquidating any
non-Cash Liquidating Trust Assets; (ii) prosecuting and resolving
the Causes of Action; (iii) maximizing recovery of the Liquidating
Trust Assets for the benefit of the beneficiaries thereof; and (iv)
distributing the proceeds of the Liquidating Trust Assets to the
beneficiaries in accordance with the Plan and the Liquidating Trust
Agreement, with no objective to continue or engage in the conduct
of a trade or business, except only in the event and to the extent
necessary for, and consistent with, the liquidating purpose of the
Liquidating Trust.
The Liquidating Trustee will be appointed by the Creditors'
Committee, in consultation with the Debtor, and pursuant to the
confirmation court order. Following appointment, the Liquidating
Trustee will have the same powers as the board of directors and
officers of the Debtor, subject to the provisions of the Plan. In
the event of resignation or removal, death or incapacity of the
Liquidating Trustee, the Creditors' Committee will designate
another person or entity to serve as Liquidating Trustee and
thereupon the successor Liquidating Trustee, without any further
act or need for an order of the Court, will become fully vested
with all of the rights, powers, duties and obligations of the
predecessor; provided, however, that the Liquidating Trustee will
be deemed removed on the date the Chapter 11 case is closed, and no
successor thereto will be designated. The Liquidating Trustee will
be entitled to compensation payable from the Liquidating Trust
Assets as set forth in the Liquidating Trust Agreement.
A copy of the First Amended Disclosure Statement is available at:
http://bankrupt.com/misc/ksb16-10446-863.pdf
As reported by the Troubled Company Reporter on April 25, 2017, the
Debtor previously filed a liquidating plan, wherein class 2 Allowed
General Unsecured Claim would receive its pro rata share of
remaining cash. Distributions to holders of Allowed General
Unsecured Claims would be made as soon as practicable as the
Liquidating Trustee may determine in its sole discretion.
Estimated recovery for this class is 95%.
About Abengoa Bioenergy US
Abengoa Bioenergy is a collection of indirect subsidiaries of
Abengoa S.A., a Spanish company founded in 1941. The global
headquarters of Abengoa Bioenergy is in Chesterfield, Missouri.
With a total investment of $3.3 billion, the United States has
become Abengoa S.A.'s largest market in terms of sales volume,
particularly from developing solar, bioethanol, and water
projects.
Spanish energy giant Abengoa S.A. is an engineering and clean
technology company with operations in more than 50 countries
worldwide that provides innovative solutions for a diverse
range of customers in the energy and environmental sectors.
Abengoa is one of the world's top builders of power lines
transporting energy across Latin America and a top
engineering and construction business, making massive
renewable-energy power plants worldwide.
On Nov. 25, 2015, in Spain, Abengoa S.A. announced its intention to
seek protection under Article 5bis of Spanish insolvency law, a
pre-insolvency statute that permits a company to enter into
negotiations with certain creditors for restricting of its
financial affairs. The Spanish company is facing a March 28, 2016,
deadline to agree on a viability plan or restructuring plan with
its banks and bondholders, without which it could be forced to
declare bankruptcy.
Gavilon Grain, LLC, et al., on Feb. 1, 2016, filed an involuntary
Chapter 7 petition for Abengoa Bioenergy of Nebraska, LLC ("ABNE")
and on Feb. 11, 2016, filed an involuntary Chapter 7 petition for
Abengoa Bioenergy Company, LLC. ABC's involuntary Chapter 7 case
is Bankr. D. Kan. Case No. 16-20178. ABNE's involuntary case is
Bankr. D. Neb. Case No. 16-80141. An order for relief has not
been entered, and no interim Chapter 7 trustee has been appointed
in the Involuntary Cases. The petitioning creditors are
represented by McGrath, North, Mullin & Kratz, P.C.
On Feb. 24, 2016, Abengoa Bioenergy US Holding, LLC and five
affiliated debtors each filed a Chapter 11 voluntary petition in
St. Louis, Missouri, disclosing total assets of $1.3 billion and
debt of $1.2 billion. The cases are pending before the Honorable
Kathy A. Surratt-States and are jointly administered under Bankr.
E.D. Mo. Case No. 16-41161.
The Debtors have engaged DLA Piper LLP (US) as counsel, Armstrong
Teasdale LLP as co-counsel, Alvarez & Marsal North America, LLC as
financial advisor, Lazard as investment banker and Prime Clerk LLC
as claims and noticing agent.
About Abengoa Bioenergy Biomass of Kansas
On March 23, 2016, three subcontractors asserting disputed state
law lien claims against Abengoa Bioenergy Biomass of Kansas, LLC
filed an involuntary petition under chapter 7 of the Bankruptcy
Code. The case was converted to a case under chapter 11 of the
Bankruptcy Code (Bankr. D. Kan. Case No. 16-10446) on April 8,
2016.
In April 2016, Chief Bankruptcy Judge Robert E. Nugent denied the
request of Abengoa Bioenergy Biomass of Kansas to transfer its
case to the Bankruptcy Court for the District of Delaware where
cases involving its indirect parent companies and other affiliates
are pending. Judge Nugent said the facts and unique circumstances
surrounding the debtor and its known creditors do not warrant
transferring the case.
The Debtor is represented by Christine L. Schlomann, Esq., Richard
W. Engel, Jr., Esq., and Erin M. Edelman, Esq., at Armstrong
Teasdale LLP, Vincent P. Slusher, Esq., David E. Avraham, Esq., R.
Craig Martin, Esq., and Kaitlin M. Edelman, Esq., at DLA Piper LLP
(US).
Petitioning creditor Brahma Group, Inc. is represented by W. Rick
Griffin, Esq. -- wrgriffin@martinpringle.com -- and Samantha M
Woods, Esq. -- smwoods@martinpringle.com -- at Martin Pringle
Oliver Wallace & Bauer. Petitioning creditors CRB Builders LLC
and Summit Fire Protection Co. are represented by Robert M.
Pitkin, Esq. -- rPitkin@hab-law.com -- and Danne W Webb, Esq. --
dwebb@hab-law.com -- at Horn Aylward & Bandy LLC.
The Official Committee of Unsecured Creditors is represented in the
Kansas bankruptcy case by Adam L. Fletcher, Esq., Michelle
Manzoian, Esq., Alexis C. Beachdell, Esq., Michael A. VanNiel,
Esq., and Kelly S Burgan, Esq., at Baker & Hostetler LLP and Robert
L. Baer, Esq., at Cosgrove, Webb & Oman.
ABRAHAM BEROOKHIM: Sale of Santa Monica Property for $4.7M Approved
-------------------------------------------------------------------
Judge Barry Russell of the U.S. Bankruptcy Court for the Central
District of California authorized Abraham Berookhim's sale of a
single-family residence located at 609 10th Street, Santa Monica,
California, APN No. 4280-024-032 to Rosanna and Charles Wong for
$4,700,000.
A hearing on the Motion was held on May 23, 2017 at 2:00 p.m.
Any security interest, claim, lien or encumbrance held by Wells
Fargo Bank, N.A. will attach to the proceeds from the sale of the
Property and the Debtor is authorized and required to pay directly
through escrow the amount necessary for Wells Fargo Bank, N.A. to
release its liens against the Property.
The Debtor is authorized and required to pay directly through
escrow the commissions to the Real Estate Brokers as expressly
provided in the Sale Agreement.
The Debtor is authorized and required to pay directly through
escrow the balance of $160,000 payable to Carol Coote.
Except for the payments being made through escrow as provided, the
sale of the Property by the Debtors to the Purchasers, will be free
and clear of any and all Liens or Encumbrances and other interests
of any kind.
The Order will be effective and enforceable immediately upon entry.
The Debtor and the Purchasers are hereby specifically authorized
to close on the dates set forth in the Sale Agreement or as may be
otherwise agreed by the parties.
The Order will not be subject to the 14-day stay provided in
Federal Rule of Bankruptcy Procedure 6004(g) and will become
effective immediately upon entry pursuant to Rule 7062 and 9014 of
the Federal Rules of Bankruptcy Procedure.
Abraham Berookhim sought Chapter 11 protection (Bankr. C.D. Cal.
Case No. 16-21836) on Sept. 4, 2016. The Debtor tapped Steven A
Schwaber, Esq., as counsel.
ADAMS RESOURCES: Aug. 1 Hearing on Bid to Sell Oil and Gas Assets
-----------------------------------------------------------------
Adams Resources Exploration Corp. asks the U.S. Bankruptcy Court
for the District of Delaware to authorize the sale of substantially
all oil and gas assets to the prevailing bidder at an auction.
A hearing on the Motion is set for Aug. 1, 2017 at 10:00 a.m. The
objection deadline is July 25, 2017 at 4:00 p.m.
Currently, the Debtor owns oil and gas lease interests in Texas,
Louisiana, Oklahoma, Kansas, Montana, and Arkansas ("Oil and Gas
Assets"). As of December 2016, it owned fractional interests in
approximately 470 wells (13.5 net wells). It operated six of those
wells but all of the wells the Debtor operated have been plugged
and abandoned as of March 31, 2017.
As of Dec. 31, 2016, the Debtor had estimated proved reserves of
approximately 889 thousand barrels of oil equivalents, comprised of
4.214 billion cubic feet of natural gas and 186.7 thousand barrels
of oil and condensate. The discounted future net income
attributable to the Debtor's reserves was estimated to be
approximately $3,477,400 as of Dec 31, 2016.
Over the past several years, AREC has carried out several asset
dispositions in an effort to respond to market conditions and
improve the company's financial performance. The Debtor's most
recent dispositions of lease interests were in 2012 and 2014. In
2012, the Debtor sold certain producing properties to Jonder
Exploration, SV Resources Partners, Seneca Resources, and Chevron
U.S.A. for a purchase price of $4.1 million, representing a net
gain of $2.5 million. In 2014, it sold additional assets to Obloen
Resources, Penn Virginia, Tanos Energy, and Red Rocks Energy
Partners for $3.6 million, representing a net gain of $2.2
million.
In 2016, AREC informally discussed a potential sale of the
remainder of its Oil and Gas Assets with prospective buyers. While
these discussions generated some interest among potential buyers,
its management determined that a formal marketing process might
assist in maximizing the value received by AREC for the Oil and Gas
Assets.
Over the past several months, AREC interviewed and placed inquiries
with a number of brokers and investment banks. On May 3, 2017, the
Debtor entered into an agreement with Oil & Gas Asset Clearinghouse
("OGA Clearinghouse") as its broker to conduct the marketing and
sale of its Oil and Gas Assets. On May 23, 2017, the Court entered
an order approving the Debtor's engagement of OGA Clearinghouse.
On May 24, 2017, the Court approved the Sale Procedures Motion,
which, among other things, approved procedures for the sale of the
Debtor's Oil and Gas Assets ("Sale Procedures"). The Debtor
believes, in the exercise of its business judgment, that the
marketing and sale of its assets in the bankruptcy case pursuant to
the Sale Procedures will maximize value to the estate and the
recovery of its creditors.
The material terms of the Sale Procedures are:
a. Adams Resources & Energy, Inc. ("DIP Lender") may submit a
credit bid in an amount up to the amount of outstanding
indebtedness owed to the DIP Lender. Any such Credit Bid will be
deemed to be a Qualifying Bid. The DIP Lender is the Debtor's sole
equity holder.
b. The Asset Purchase Agreement (the "APA") allows either
party to terminate the APA if the Closing will not have occurred on
or before 15 days after the Approval Order becomes a Final Order;
provided, however, that the right to terminate the APA will not be
available to a Party if such Party has failed to perform in all
material respects its obligations under the APA and such failure is
the cause of, or results in, the failure of the Closing to occur.
c. The Bidders, other than the DIP Lender, must provide a cash
deposit equal to 10% of the purchase price. The deposit will be
forfeited if the bidder is the Prevailing Bidder and fails to close
because of its breach of the APA.
d. The Sale Order provides that the Prevailing Bidder(s) will
not be subject to claims based on successor liability.
e. Following the closing of the sale transaction, the Debtor
will have reasonable access to books and records acquired by the
Prevailing Bidder(s) for purposes of administering their estates.
f. The Sale Order provides that the 14-day stay imposed by
Sections 6004(h) and 6006 (d) will not apply not apply to the Sale
Order.
A copy of the APA and the Sale Procedures attached to the Motion is
available for free at:
http://bankrupt.com/misc/Adams_Resources_83_Sales_.pdf
In connection with the sale, the Debtor proposes to assume and
assign executory contracts or unexpired leases. The Assigned
Contracts are essential to inducing the highest or best offer for
the Acquired Assets. Further, pursuant to the terms of the
proposed APA, the Debtor expected that any applicable cure payments
will be borne solely by the Prevailing Bidder(s). In addition,
upon consummation of the Sale, the Debtor will have no further use
for the Assigned Contracts. Accordingly, the assumption and
assignment of the Assigned Contracts is a sound exercise of the
Debtor's business judgment.
The Debtor, in its business judgment and the exercise of its
fiduciary duty, believe that it's in the best interests of its
estate and its creditors to market and sell the Acquired Assets in
accordance with the Sale Procedures Order and the Sales Procedures.
Accordingly, the Debtor asks the entry of an Order (i) authorizing
the sale of substantially all of the Oil and Gas assets to the
Prevailing Bidder(s) free and clear of all liens, claims and
encumbrances, including successor liability claims, at an auction
to be conducted in accordance with the order approving the Sales
Procedures Motion pursuant to the APA; (ii) authorizing the
assumption and assignment of the Assigned Contracts; and (iii)
granting certain related relief.
To maximize the value received for the Acquired Assets, the Debtor
seeks to close the sale as soon as possible after the Sale Hearing.
Accordingly, the Debtor asks the Court to waive the 14-day stay
periods under Bankruptcy Rules 6004(h) and 6006(d) or, in the
alternative, if an objection to the sale is filed, reduce the stay
period to the minimum amount of time needed by the objecting party
to file its appeal.
About Adams Resources
Houston, Texas-based Adams Resources Exploration Corporation --
http://www.adamsexploration.com-- is engaged in the development of
the Haynesville Shale in East Texas and now own interest in a large
number of producing dry gas wells. It also has interest in 405
wells and 131,236 gross developed acres in seven states.
Adams Resources filed for Chapter 11 bankruptcy protection (Bankr.
D. Del. Case No. 17-10866) on April 21, 2017, estimating assets
between $1 million and $10 million and debt between $50 million and
$100 million. The petition was signed by John Riney, president.
Judge Kevin Gross presides over the case.
William A. Hazeltine, Esq., and D. Sullivan, Esq., at Sullivan
Hazeltine Allinson LLC, serve as the Debtor's bankruptcy counsel.
AMERICAN TOOLS: Unsecureds Creditors to be Paid 3% Over 5 Years
---------------------------------------------------------------
Unsecured creditors of American Tools Inc. will get 3% of their
claims under the company's proposed plan to exit Chapter 11
protection.
Under the proposed plan of reorganization, creditors holding Class
3 general unsecured claims will receive a monthly payment of
$1,786.39 for 60 months for a total of $107,183.32. Payments will
start 30 days after confirmation of the plan.
General unsecured creditors assert a total of $3,572,777.31 in
claims. Class 3 is impaired.
Source of funds for payments is the collection of postpetition
sales. Net monthly business income is projected to cover the total
monthly payment of $7,740 proposed under the plan for secured
claims, priority tax debts, and general unsecured claims, according
to American Tools' disclosure statement filed on May 16 with the
U.S. Bankruptcy Court in Puerto Rico.
A copy of the disclosure statement is available for free at
https://is.gd/Q98MjN
About American Tools
American Tools, Inc. manufactures custom sheet metal products in
its facilities in Bayamon, Puerto Rico.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. P.R. Case No. 16-08071) on October 7, 2016. Jimmy
Cepeda Benavides, vice-president and treasurer, signed the
petition. At the time of the filing, the Debtor estimated assets
of less than $1 million and liabilities of $1 million to $10
million.
The case is assigned to Judge Brian K. Tester. The Debtor hired
the Law Offices of Emily D. Davila as its legal counsel.
ANADARKO PETROLEUM: Egan-Jones Hikes Sr. Unsecured Ratings to BB
----------------------------------------------------------------
Egan-Jones Ratings, on May 11, 2017, upgraded the local currency
and foreign currency senior unsecured ratings on debt issued by
Anadarko Petroleum Corp to BB from BB-.
Anadarko Petroleum Corporation is an independent exploration and
production company. The company is engaged in developing,
acquiring, and exploring for oil and natural-gas resources.
APPLEWOOD CAFE: Has Interim Nod to Use NYS Tax Cash Collateral
--------------------------------------------------------------
Judge Michael J. Kaplan of the U.S. Bankruptcy Court for the
Western District of New York authorized Applewood Cafe, LLC, d/b/a
Apple Wood Cafe & Catering to use cash collateral in which the New
York State Department of Taxation and Finance has or claims liens.
The Debtor is permitted to use cash collateral in the amount of up
to $20,000 on an emergency basis, until the time of a further
hearing on the Debtor's Motion.
NYS Tax is granted rollover replacement liens in postpetition
assets of the Debtor of the same relative priority and on the same
types and kinds of collateral as it possessed prepetition, as the
same may ultimately be determined.
As additional adequate protection to NYS Tax, the Debtors will make
adequate protection payments to NYS Tax totaling $2,000 per month,
commencing on June 10, 2017.
A final hearing on the Debtor's continued use of cash collateral
will be held on June 13, 2017 at 10:00 a.m.
A full-text copy of the Order, dated May 25, 2017, is available at
https://is.gd/fnQI0i
About Applewood Cafe
Applewood Cafe, LLC, doing business as Apple Wood Cafe & Catering,
is a New York corporation which operates a restaurant and a
catering service located in Williamsville, New York.
Applewood Cafe, LLC, filed a Chapter 11 petition (Bankr. W.D.N.Y.
Case No. 17-11049) on May 19, 2017. The petition was signed by
Rebecca L. Morgan, Member. The Debtor estimated $50,000 to
$100,000 in assets and $100,000 to $500,000 in liabilities. The
Debtor is represented by Daniel F. Brown, Esq. at Andreozzi
Bluestein LLP.
ATIF INC: Seeks to Retain Buell & Elligett as Special Counsel
-------------------------------------------------------------
ATIF, Inc. seeks approval from the U.S. Bankruptcy Court for the
Middle District of Florida to retain Buell & Elligett, P.A. as its
special counsel.
Buell & Elligett will continue to represent the Debtor in a lawsuit
filed by Travelers Indemnity Company of Connecticut, and the
related appeal filed in the Eleventh Circuit Court of Appeals.
The firm will receive a contingent fee, which is 20% of the amount
recovered from the Travelers suit. Meanwhile, it will receive a
flat fee of $5,000 for the preparation of a reply brief related to
the appeal and another $5,000 for oral argument.
Raymond Elligett, Jr., Esq., disclosed in a court filing that the
firm's attorneys do not hold or represent any interest adverse to
the Debtor or its bankruptcy estate.
The firm can be reached through:
Raymond T. Elligett, Jr.
Buell & Elligett, P.A.
3003 W. Azeele Street, Suite 100
Tampa, FL 33609
Phone: (813) 874-2600
About ATIF Inc.
ATIF, Inc. sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Case No. 17-01712) on March 2, 2017. The
petition was signed by Gerard A. McHale, chief executive officer.
At the time of the filing, the Debtor estimated assets of less than
$500,000 and liabilities of $10 million to $50 million.
Michael C. Markham, Esq., at Johnson, Pope, Bokor, Ruppel & Burns
LLP serves as the Debtor's legal counsel.
On April 13, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. The committee hired
Messana, P.A. as its bankruptcy counsel.
AUTO INC: Selling Dallas and San Antonio Properties for $500K
-------------------------------------------------------------
Auto, Inc., asks the U.S. Bankruptcy Court for the Western District
of Texas to authorize the sale of its Dallas, Texas property to PC
Auto Towing, LLC, for $250,000 plus 5% per annum interest; and its
San Antonio, Texas property to Bobby's Auto Towing, LLC for
$250,000 plus 5% per annum interest.
Objections, if any, must be filed within 21 days from the date of
service.
In September, 2016 the Debtor, which owns a vehicle towing
business, lost its insurance for operating in Houston, Texas
forcing it to close that location and leaving the Debtor with 16
trucks that had to be relocated to different locations. Those
locations were already having problems finding drivers. Therefore,
these trucks remained unused and carried a great expense monthly
totaling about $39,800 per month.
The Debtor knew it was going to have an insurance issue going
forward. All other policies of the Debtor's expired in March,
2017. The Debtor has also been experiencing problems with its Ford
trucks. The motors, transmission and brakes have all caused
repeated problems keeping them in the shop and not out on the
road.
When the insurance came due in March 2017 the Debtor was unable to
acquire new insurance at reasonable rates. It decided to downsize
it operations to 10 trucks per location. However, the insurance
company could not get the revised policy issued on time, forcing
the Debtor to close for a day and a half.
This closure caused a company-wide panic, and the Debtor lost alot
of good employees and customers. Because it had already trimmed
down for the new policy, it left the Debtor short- handed, this in
turn caused the company's revenue to drop making it unable to pay
all its expenses.
Prior to the filing the company discovered that its accounting
department had not been properly billing customers. At the time of
the filing a comprehensive review of the billing department was
undertaken and resulted in a substantial amount of money that had
to be written off as uncollectable.
As a result of all these factors the Debtor has determined that it
is in the best interests of the Debtor and all its creditors to
consolidate its on-going operations into two locations. To this
end, the Debtor has received proposals from its current managers,
who have operated these locations for the Debtor for approximately
10 years each, which will allow its current San Antonio and Dallas
locations to be sold in a manner that will allow the preservation
of the past good will of the company and provide the Debtor will
additional income to repay its creditors.
The Debtor has received an offer from PC for its Dallas location,
and an offer from Bobby's for its San Antonio location. The terms
to the terms of the offer with PC, are:
a. The Debtor will assume and assign to PC these leases and/or
executory contracts on these Vehicles:
I. With lender Speciality Vehicle & Equipment Funding Group:
(i) Loan number 72636-005 VIN 1FDUF5GYOGEA33646; (ii) Loan number
72636-006 VIN 1FDUF5GY2GEA33647; (iii) Loan number 72636-007 VIN
1FDUF5GY4GEA33648; (iv) Loan number 72636-008 VIN
1FDUF5GY9GEA24265; (v) Loan number 72636-013 VIN 1FDUF5GY2GEA53378;
and (vi) Loan number 72636-002 VIN 1FDUF5GYGEA24263.
II. With lender Advantage Funding Commercial Capital Corp:
(i) Loan number 4039-36822 VIN1FDUF5GY5FED46433; (ii) Loan number
4039-36822 VIN1FDUF5GY3FED46432; (iii) Loan number 4039-36082
VIN3FRNF6HD3FV718479; and (iv) Loan number 4039-36738
VIN1FDUF5GY9FEC84986.
b. The Dallas facility currently operates on a month to month
lease and PC will be responsible for obtaining a lease with the
current landlord.
c. PC will also receive the following equipment currently
located at the Dallas facility: office furniture, computers,
printer, supplies, compressor, miscellaneous tools and parts, and a
power washer. The total value of this property does not exceed
$10,000.
d. Pursuant to the terms of the agreement, PC will be allowed
to operate the Vehicles under the Debtor's current insurance until
it obtains new insurance but in no event past the current
expiration date on the Debtor's current insurance on the Vehicles.
PC will be required to pay the premiums of the insurance on the
Vehicles to the Debtor.
e. PC will be responsible for all operating costs at the Dallas
location.
g. The Debtor will be paid $250,000 plus 5% per annum interest
("Initial Note"). The payment will be made in the monthly amount
of 25% of the monthly profit, defined as monthly gross revenues
less actual operating expenses not to include any salary, draws or
expenses of the ownership of PC.
h. After payment of the Initial Note, the Debtor will be
entitled to 5% of the monthly gross sales of the Dallas location in
perpetuity.
The terms of the offer with Bobby's are:
1. The Debtor will assume and assign to Bobby's these leases
and or executory contracts on these Vehicles:
I. With Lender Speciality Vehicle & Equipment Funding
Group: (i) Loan number 72636-003 VIN 1FDUF5GY7GEA24264; (ii) Loan
number 72636-009 VIN 1FDUF5GY2GEA30442; and (iii) Loan number
72636-010 VIN 1FDUF5GY6GEA33649.
II. With lender Advantage Funding Commercial Capital Corp:
(i) Loan number 4039-36350 VIN1FDUF5GY0FED31063; (ii) Loan number
4039-36350 VIN1FDUF5GY9FED31062; (iii) Loan number 4039-38190
VIN1FDUF5GY0GEA53374; and (iv) Loan number 4039-6738
VIN1FDUF5GY0FEC31077.
III. With lender Hitachi Capital America Corp: Loan number
101035 VIN JALC4W161B7002985
IV. With lender Glacial Funding: Loan number 15254-2 VIN
1FDNX6AY6GDA01368
2. The San Antonio facility is current operated under a lease
agreement with Michael Stine. The current monthly rent is $3,000.
The Debtor is current with the rental payments, and this lease will
be assumed by the Debtor and assigned to Bobby's.
3. Bobby's will also receive the following equipment currently
located at the San Antonio facility: office furniture, computers,
printer, supplies, compressor, miscellaneous tools and parts, and a
power washer. The total value of these properties does not exceed
$10,000.
4. Pursuant to the terms of the agreement, Bobby's will be
allowed to operate the Vehicles under the Debtor's current
insurance until it obtains new insurance but in no event past the
current expiration date on the Debtor's current insurance on the
Vehicles. Bobby's will be required to pay the premiums of the
insurance on the Vehicles to the Debtor.
5. Bobby's will be responsible for all operating costs at the
San Antonio location.
6. The Debtor will be paid $250,000 plus 5% per annum interest
("Initial Note"). The payment will be made in the monthly amount
of 25% of the monthly profit, defined as monthly gross revenues
less actual operating expenses not to include any salary, draws or
expenses of the ownership of Bobby's.
7. After payment of the Initial Note, the Debtor will be
entitled to 5% of the monthly gross sales of the San Antonio
location in perpetuity.
The Debtor desires to sell the assets described free and clear of
all liens claims and encumbrances with the exception of the
vehicles to which the liens will remain attached until paid in full
pursuant to the terms of the existing agreements with the various
lenders.
The Debtor believes that the sale of the assets is in the best
interests of the bankruptcy estate. The Sale will allow it to
realize immediate funds to allow it to file its Plan to repay all
creditors on a expedited basis. Additionally, it currently does
not have the funds to operate the Dallas and San Antonio locations
and unless these locations are sold, it will be forced to close
these locations. Accordingly, the Debtor asks the Court to approve
the sale of the Dallas and San Antonio locations and the assumption
and assignment of the leases and/or contracts described.
About Auto Inc.
Auto Inc., owns a vehicle towing business, providing road side
assistance to drivers in Colorado and Texas. It operates out of
five locations: San Antonio, Texas, Dallas, Texas, Houston, Texas,
Denver, Colorado, and Colorado Springs, Colorado.
Auto Inc., filed a Chapter 11 bankruptcy petition (Bankr. W.D. Tex.
Case No. 17-50969) on April 27, 2017. The petition was signed by
Michael Stine, president. The Debtor estimated $0 to $50,000 in
assets and $1 million to $10 million in liabilities. The Hon. Lena
M. James presides over the case. Eric Liepins, PC, serves as
counsel to the Debtor.
AVAYA INC: Avaya Widow Asserts Survivor Benefits
------------------------------------------------
Cara Salvatore of Bankruptcy Law360 reports that Marlene Clark, the
widow of a former Avaya Inc. worker, asserted that her monthly
payments from the company, which began when her husband, Stephen
Clark, died, are a death benefit and should be handled as
administrative priority claims.
However Avaya and its secured and unsecured unsecured creditors are
arguing that the payments are a pension benefit and so not
protected by Bankruptcy Code section 1114 in Avaya's Chapter 11,
Law360 relays.
Ms. Clark also wants an official committee of Avaya retirees
appointed in the case, Law360 cites.
About Avaya Inc.
Avaya Inc., together with its affiliates, is a multinational
company that provides communications products and services,
including, telephone communications, internet telephony, wireless
data communications, real-time video collaboration, contact
centers, and customer relationship software to companies of
various
sizes.
The Avaya Enterprise serves over 200,000 customers, consisting of
multinational enterprises, small- and medium-sized businesses, and
911 services as well as government organizations operating in a
diverse range of industries. It has approximately 9,700
employees worldwide as of Dec. 31, 2016.
Avaya Inc. and 17 of its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 17-10089)
on Jan. 19, 2017. The petitions were signed by Eric S. Koza, CFA,
chief restructuring officer.
Judge Stuart M. Bernstein presides over the cases.
The Debtors have hired Kirkland & Ellis LLP as legal counsel;
Centerview Partners LLC as investment banker; Zolfo Cooper LLC as
restructuring advisor; PricewaterhouseCoopers LLP as auditor; KPMG
LLP as tax and accountancy advisor; and The Siegfried Group, LLP
as financial services consultant. Prime Clerk LLC is the claims
and noticing agent.
On Jan. 31, 2017, the U.S. Trustee for Region 2, appointed an
official committee of unsecured creditors. Morrison & Foerster is
the creditors committee's counsel.
Stroock & Stroock & Lavan LLP and Rothschild, Inc., serve as
advisors to an ad hoc group -- Ad Hoc Crossholder Group --
comprised of holders of the Company's (i) 33.98% of the $3.235
billion total amount outstanding under loans issued pursuant to a
Third Amended and Restated Credit Agreement, amended and restated
as of December 12, 2012 (the "Prepetition Cash Flow Term Loans");
(ii) 28.38% of the $1.009 billion total principal amount
outstanding under notes issued pursuant to an indenture for the
7.00% Senior Secured Notes Due 2019 (the "7.00% First Lien Notes");
(iii) 12.82% of the $290 million total principal amount outstanding
under notes issued pursuant to an indenture for 9.00% Senior
Secured Notes Due 2019 (the "9.00% First Lien Notes"); (iv) 83.70%
of the $1.384 billion total amount outstanding under notes issued
pursuant to an indenture for 10.5% Senior Secured Notes Due 2021
(the "Second Lien Notes"); and (v) 24% of the $725 million
outstanding under loans issued under the Debtors'
debtor-in-possession financing (the "DIP Facility") pursuant to a
Superpriority Secured Debtor-In-Possession Credit Agreement, dated
as of January 24, 2017.
AZURE MIDSTREAM: Equity Committee Taps Brown Rudnick as Counsel
---------------------------------------------------------------
A committee representing equity security holders of Azure Midstream
Partners, LP seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to hire Brown Rudnick LLP nunc pro tunc
to May 4.
The equity committee tapped the firm to provide legal services in
connection with the Chapter 11 cases of Azure and its affiliates.
Howard Steel, Esq., the attorney primarily responsible for
representing the equity committee, disclosed in a court filing that
his firm does not hold or represent any interest adverse to the
Debtors' bankruptcy estates.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Mr.
Steel disclosed that his firm will be paid on a contingency fee
basis based on the equity holders' recovery in the Debtors' cases.
Mr. Steel also disclosed that his firm did not represent the equity
committee prior to the Debtors' bankruptcy filing.
The firm can be reached through:
Howard S. Steel, Esq.
Brown Rudnick LLP
7 Times Square
New York, NY 10036
Phone: +1.212.209.4800
Fax: +1.212.209.4801
About Azure Midstream Partners
Azure Midstream Partners, LP, is a publicly traded Delaware master
limited partnership that was formed by NuDevco Partners, LLC, and
its affiliates to develop, own, operate and acquire midstream
energy assets.
Azure Midstream and 11 of its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
17-30461) on Jan. 30, 2017. The petitions were signed by I.J.
Berthelot, II, president. The cases are assigned to Judge David R
Jones.
Azure disclosed $375.5 million in assets and $179.4 million in
liabilities as of as of Sept. 30, 2016.
Vinson & Elkins LLP is serving as corporate counsel to the Debtors;
Evercore Group LLC is serving as financial advisor; Alvarez &
Marsal North America LLC is serving as restructuring advisor; and
Kurtzman Carson Consultants LLC is serving as claims, noticing &
balloting agent.
An official committee of equity security holders has been appointed
in the case. The committee tapped Brown Rudnick LLP as its
bankruptcy counsel.
The court approved the Debtors' disclosure statement on May 1,
2017, and confirmed their joint Chapter 11 plan of liquidation on
May 19, 2017.
BABAK SHAMTOUB: Emona Buying Tarzana Property for $600K
-------------------------------------------------------
Judge Martin R. Barash of the U.S. Bankruptcy Court for the Central
District of California will convene a hearing on June 27, 2017 at
1:30 p.m. to consider the short sale by Babak and Madlin Shamtoub
of their real property located at 18741 Erwin Street, Tarzana,
Califonia, to Emona Holdings, LLC for $600,000, subject to
overbid.
Objections, if any, must be filed at least 14 days prior to the
scheduled hearing date.
The first priority lien secured by the Property is held by U.S.
Bank Trust, N.A. (as serviced by Caliber Home Loans, Inc.) in the
amount of $295,873 to be paid in full through the sale. The second
priority lien secured by the Property is held by Bank of America
("BofA") in the amount of $515,458; this lender has agreed to
accept $257,182 in satisfaction of its lien and therefore the sale
is categorized as a "short sale."
The Property was initially listed for short sale at $500,000. On
Jan. 31, 2017, the Debtors accepted the Buyer's offer to purchase
the Property for $480,000. The offer was sent to BofA who
countered at $600,000. The Buyer agreed and submitted an addendum
to its purchase offer. The Buyer is entirely unrelated to the
Debtors. The Buyer's agent is Reina Ramirez of RE/MAX.
Each of the terms of BofA's short sale consideration letter must be
met in order for the creditor to give final approval of the sale.
The letter states that another buyer may not be substituted without
its prior approval and therefore if there is a successful
overbidder, the Debtors and the Broker will provide the necessary
information to BofA.
The principal terms of agreement are:
a. The purchase price is $600,000;
b. Net proceeds to BofA must be no less than $257,172;
c. Total closing costs may not exceed $44,983;
d. Maximum commission is $36,000;
e. The Property will be sold "as is, where is," with no
warranties or representations of any kind whatsoever and free and
clear of all liens, claims and interests;
f. The Debtors will not receive any proceeds of the
sale;
g. The Buyer will initially deposit $5,000 into escrow.
It will deposit the remainder of the down payment into escrow, in
the amount of $115,000, by the closing date. The remainder of the
purchase price will be financed; and
h. The Escrow is to close within 60 of days of this Court
or BofA's final approval of the sale, whichever date is later.
On April 17, 2017, Debtors filed their Motion in Individual Chapter
11 Case for Order Employing Professional (LBR 2014-1): Shahla
Solouki as Real Estate Broker (Docket No. 120); as of the date of
the Report, no objections to the proposed employment have been
received. Ms. Solouki works for RE/MAX Grand ("Broker").
The Debtor listed the Property for sale with Broker and since that
time, the Property has been listed on the Multiple Listing Service
as well as advertised locally and nationally. There were a number
of inquiries because the Property was listed at $500,000; however,
other than Buyer's offer, no one submitted an offer other than the
Buyer's offer.
As such, Debtors believe that they are fortunate to receive the
current offer from the Buyer and thus have chosen to accept it.
The Buyer, the Broker, and the Debtors have no prior connect or
relation, except as set forth.
The listing agreement sets forth that Broker will be compensated 6%
of the purchase price or will share in the commission with a
prospective buyer's agent (3% each). However, BofA's short sale
consideration caps the commission at $36,000 and both agents have
agreed to split this amount.
The proposed sale will produce funds to pay the following: (i) 1st
Priority Lienholder (Caliber) - $295,873; (ii) 2nd Priority
Lienholder (BofA) - $257,172; (iii) Other estimated closing costs -
$10,954; and (iv) Agent commissions $36,000.
The Debtors do not believe that the Los Angeles County Treasurer
and Tax Collector is owed anything at this time.
The Debtors propose these overbidding procedures:
a. The initial overbid must be at least $15,000 more than
the initial bid of $600,000. The overbid must be on substantially
the same terms as set forth in the purchase agreement and BofA's
short sale consideration.
b. Overbid increments will be $2,500 after the initial
overbid.
c. Any successful overbidder must be able to close by the
Proposed Closing Date.
d. Any party wishing to overbid on the Property during
the hearing on the Motion must contact the Debtor's counsel at
least 48 hours prior to the hearing and provide evidence of
available financial resources such as funds and/or proof of ability
to finance to the Debtor's Counsel up to the overbidder's maximum
bid to the Debtor's reasonable satisfaction.
e. Any overbidder wishing to overbid on the Property
during the hearing must also submit, before the time of the
hearing, a deposit for the purchase of the Property in the amount
of at least $15,000 made payable to "Simon Resnik Hayes LLP Client
Trust Account." The successful overbidder's deposit will be
applied towards the purchase of the Property, and will not be
refunded in the event the overbidder cannot successfully close
escrow pursuant to the terms of the sale as proscribed.
f. If a broker brings a prospective bidder who is
ultimately the successful bidder and to whom the sale is approved,
the broker will share in the commission with Broker (split of
$36,000).
A copy of the Agreements attached to the Motion is available for
free at:
http://bankrupt.com/misc/Babak_Shamtoub_162_Sales.pdf
The Debtors respectfully submit that the proposed sale is in the
best interest of the estate and all creditors. The projected sale
of the Property will result in disposing of two of the estate's
secured creditors and thereby will result in their ability to
streamline their efforts in this case. They will be therefore be
able to concentrate on the pending litigation with other creditors
and proposing a Chapter 11 plan of reorganization which will seek
to cure the arrears owed on their home in full, pay priority debts
in full within five years of the conversion date, and pay their
unsecured creditors at least as much as they can afford for the
Plan term. Accordingly, the Debtors ask the Court to approve the
relief sought.
The Debtors ask the Court to waive the 14-day stay of Bankruptcy
Rule 6004(h) to permit the Debtors to proceed with the close of
escrow on the sale as soon as possible.
Counsel for the Debtors:
Matthew D. Resnik, Esq.
Roksana D. Moradi, Esq.
SIMON RESNIK HAYES LLP
15233 Ventura Blvd., Suite 250
Sherman Oaks, CA 91403
Telephone: (818) 783-6251
Facsimile: (818) 827-4919
E-mail: matthew@SRHLawFirm.com
roksana@SRHLawFirm.com
About Babak and Madlin Shamtoub
Babak Shamtoub filed his voluntary petition for relief under
Chapter 13 Bankruptcy Code on Jan. 27, 2017 (Bankr. C.D. Cal. Case
No. 17-10215). Madlin Shamtoub filed her voluntary petition for
relief under Chapter 13 on Feb. 8, 2017 (Case No. 17-10330).
Mr. Shamtoub filed a motion for direct consolidation of the Chapter
13 cases on Feb. 17, 2017, which was granted by entry of order on
March 7, 2017.
The Debtors filed their motion to convert the case from Chapter 13
to Chapter 11 on March 16, 2017, and the case was converted to
Chapter 11 on April 5, 2017.
BERNARD L MADOFF: Fund Seeks US Supreme Court Review of ERISA Suit
------------------------------------------------------------------
Cara Mannion, writing for Bankruptcy Law360, reports that the
Upstate New York Engineers Pension Fund is asking the U.S. Supreme
Court to revive its suit against the Bank of New York Mellon and
Ivy Investment Management over decades-old Bernie Madoff investment
advice, saying the U.S. Court of Appeals for the Second Circuit
violated bedrock principles of the Employee Retirement Income
Security Act when affirming the case's dismissal.
The Fund's allegations are that its asset manager, Ivy Investment,
failed to recommend a full withdrawal from Madoff's now-infamous
investments and that move has cost it potential profits, Law360
relates.
The Second Circuit panel backed a district court ruling in December
2016, saying the fund's claim that it could have used withdrawn
Madoff profits to make better investments doesn't add up to an
actual loss, Law360 relays.
The fund is represented by Louis P. Malone III of O'Donoghue &
O'Donoghue LLP and Sarah M. Shalf of Emory Law School Supreme Court
Advocacy Program.
The case is Trustees of the Upstate New York Engineers Pension Fund
v. Ivy Asset Management, et al., case number 16-1377, in the U.S.
Supreme Court.
About Bernard L. Madoff
Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion. On Dec. 15, 2008, the Honorable Louis A.
Stanton of the U.S. District Court for the Southern District of
New York granted the application of the Securities Investor
Protection Corporation for a decree adjudicating that the customers
of BLMIS are in need of the protection afforded by the Securities
Investor Protection Act of 1970. The District Court's Protective
Order (i) appointed Irving H. Picard, Esq., as trustee for the
liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP as his
counsel, and (iii) removed the SIPA Liquidation proceeding to the
Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland,
J.). Mr. Picard has retained AlixPartners LLP as claims agent.
On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893). The petitioning creditors -- Blumenthal &
Associates Florida General Partnership, Martin Rappaport
Charitable Remainder Unitrust, Martin Rappaport, Marc Cherno, and
Steven Morganstern -- assert US$64 million in claims against Mr.
Madoff based on the balances contained in the last statements they
got from BLMIS.
On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751). The Chapter 15 case was later
transferred to Manhattan. In June 2009, Judge Lifland approved
the consolidation of the Madoff SIPA proceedings and the
bankruptcy case.
Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to 150
years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.).
From recoveries in lawsuits coupled with money advanced by SIPC,
Mr. Picard has commenced distributions to victims. As of Dec. 14,
2016, the SIPA Trustee has recovered more than $11.486 billion
and, following the eight interim distribution in January 2017,
will raise total distributions to approximately $9.72 billion,
which includes more than $839.6 million in advances committed by
SIPC.
BRIGHTVIEW LANDSCAPE: S&P Affirms 'B' Rating on Credit Facilities
-----------------------------------------------------------------
S&P Global Ratings said that it affirmed its issue-level ratings on
BrightView Landscape LLC's credit facilities, which include a $210
million revolving credit facility, a $1.46 billion first-lien term
loan, and a $235 million second-lien term loan. The revolving
credit facility and first-lien term loan are both rated 'B' with a
'3' recovery rating, indicating S&P's expectation for meaningful
(50%-70%; rounded estimate: 60%) recovery in the event of a payment
default. The company's second-lien term loan is rated 'CCC+' with
a '6' recovery rating, reflecting negligible (0%-10%; rounded
estimate: 0%) recovery expectations in the event of a payment
default.
The affirmation follows BrightView's issuance of a $175 million
accounts receivable finance facility (not rated) due in 2020. The
company has borrowed $150 million under the facility to pay
$25 million of its first-lien term loan and $125 million of its
second-lien term debt. The transaction is leverage-neutral and
will allow the company to modestly save on interest expense.
S&P's ratings on BrightView reflect its participation in the highly
fragmented, seasonal, and cyclical commercial landscape and
snow-removal services industries. The company is the largest
provider of lawn and landscape services in North America, but it
has less than 5% market share and its operations are vulnerable to
weather changes (including a weak snowfall season), swings in the
economy, and labor pressures (such as higher minimum wages and
health care costs). The ratings on BrightView also reflect the
company's substantial debt obligations and modest cash flow
generation. Total debt to EBITDA was about 7.1x as of the quarter
that ended March 31, 2017, up from about 6.8x one year earlier. The
company generated slightly less than $40 million in free operating
cash flows during the fiscal year that ended Dec. 31, 2016.
RATINGS LIST
BrightView Landscapes LLC
Corporate credit rating B/Stable/--
Issue-Level Ratings Affirmed; Recovery Ratings Unchanged
BrightView Landscapes LLC
Senior Secured 1st Lien B
Recovery Rating 3(60%)
Senior Secured 2nd Lien CCC+
Recovery Rating 6(0%)
CABOT OIL: Egan-Jones Ups Sr. Unsecured Ratings to BB-
------------------------------------------------------
Egan-Jones Ratings, on May 15, 2017, upgraded the local currency
and foreign currency senior unsecured ratings on debt issued by
Cabot Oil & Gas Corp to BB- from B+.
Cabot Oil & Gas Corporation is an independent oil and gas company
engaged in the development, exploitation and exploration of oil and
gas properties. The company operates in the segment of natural gas
and oil development, exploitation, exploration and production, in
the continental United States.
CAL NEVA LODGE: June 1 Hearing on Creditors' Disclosure Statement
-----------------------------------------------------------------
A hearing to consider the approval of the Third Amended Joint
Disclosure Statement explaining the second amended joint plan of
reorganization filed by a group of creditors for Cal Neva Lodge,
LLC, and New Cal-Neva Lodge, LLC, is set for June 1, 2017, at 1:00
p.m.
Class 6 Unsecured Creditors of New Cal-Neva will receive a pro rata
distribution of the New Cal-Neva Unsecured Creditor Fund. The
undisputed portion of the claim will be paid on the Effective Date.
The portion of the claim that is disputed will be maintained in
the New Cal-Neva Disputed Unsecured Claims Account and will be paid
if and when the claim is adjudicated an allowed claim following the
claim objection procedure.
Class 7 Unsecured Creditors of Cal Neva will receive a pro rata
distribution of the Cal Neva Unsecured Creditor Fund. The
undisputed portion of the claim will be paid on the Effective Date.
The portion of the claim that is disputed will be maintained in
the Cal Neva Disputed Unsecured Claims Account and will be paid if
and when the claim is adjudicated an allowed claim following the
claim objection procedure.
Class 8 Capital One Bank Claim will be cured on the Effective Date,
and will be paid as agreed. All loan documents will remain in
effect to the extent not inconsistent with this Plan.
On the Effective Date, except as otherwise provided in the Plan,
all property of both of the Debtors' estate will vest in Tahoe
CalNeva Resort, LLC, free and clear of all liens and claims,
including, without limitation, all real and personal property, all
retained causes of action, interests, claims, and all rights under
any contracts assumed, against any person. On and after the
Effective Date, TCNR may operate its business and use, acquire, or
dispose of property and compromise or settle any claims without
supervision or approval by the Court and free of any restrictions
of the U.S. Bankruptcy Code or Bankruptcy Rules. On the Effective
Date, except as otherwise provided in the Plan, all cause of action
of both of the Debtors' estates will vest in the TCNR free and
clear of all liens and claims. TCNR will be owned by Northwind
Financial, The Busick Group, and certain other members of Cal Neva
in proportions as yet to be determined.
The plan proponents will designate a certified public accountant in
Reno, Nevada, as disbursing agent, who will hold all funds in a
segregated trust account and disburse all money to be distributed
under the Plan. The Disbursing Agent may employ or contract with
other entities to assist in or to perform the distribution of the
property and will serve without bond. All disbursements under the
Plan will be made pursuant to motion, notice and hearing, and
approval of the Court.
Copies of the Third Amended Joint Disclosure Statement are
available at:
http://bankrupt.com/misc/nvb16-51281-233.pdf
http://bankrupt.com/misc/nvb16-51282-610.pdf
As reported by the Troubled Company Reporter on April 18, 2017, the
Creditors filed a disclosure statement, stating that the unsecured
creditors of Cal-Neva are under Class 6 and would receive a pro
rata distribution of the "Cal-Neva unsecured creditor fund."
The Third Amended Joint Disclosure Statement was filed by the
counsel for the Creditors:
Alan R. Smith, Esq.
LAW OFFICES OF ALAN R. SMITH
505 Ridge Street
Reno, Nevada 89501
Tel: (775) 786-4579
Fax: (775) 786-3066
E-mail: mail@r_1smithlaw.com
About Cal Neva Lodge
Cal Neva Lodge, LLC, initially filed a Chapter 11 bankruptcy
petition (Bankr. N.D. Cal. Case No. 16-10514) on June 10, 2016.
The case was subsequently transferred to the U.S. Bankruptcy Court
for the District of Nevada on Oct. 13, 2016, and assigned Case No.
16-51281. On Oct. 25, 2016, the case was reassigned to Judge
Gregg W. Zive.
Jeffer Mangles Butler & Mitchell LLC represents the Debtor as
general counsel.
In its petition, the Debtor estimated $50 million to $100,000
million in assets and $10 million to $50 million in liabilities.
The petition was signed by William T. Criswell, president.
About New Cal-Neva Lodge
New Cal-Neva Lodge, LLC, based in Saint Helena, CA, filed a Chapter
11 petition (Bankr. N.D. Cal. Case No. 16-10648) on July 28, 2016.
The Hon. Thomas E. Carlson presides over the case. Jane Kim, Esq.,
and Peter Benvenutti, Esq., at Keller & Benvenutti LLP, serve as
bankruptcy counsel.
In its petition, the Debtor estimated $50 million to $100 million
in assets and $10 million to $50 million in liabilities. The
petition was signed by Robert Radovan, president and secretary.
U.S. Trustee Tracy Hope Davis on Sept. 13 appointed four creditors
to serve on the official committee of unsecured creditors of New
Cal-Neva Lodge, LLC. The Committee hired Pachulski Stang Ziehl &
Jones LLP, as legal counsel; Province, Inc., as financial advisor;
Fennemore Craig P.C. as Nevada counsel.
CAMBER ENERGY: Court Dismisses Suit vs. Discover Fund
-----------------------------------------------------
Michael Phillis of Bankruptcy Law360 reports that a Texas federal
judge has dismissed Camber Energy Inc.'s suit against key investor
Discover Growth Fund for allegedly forcing it to issue shares that
drove down its stock value into a "death spiral" based on a
strained interpretation of an "unconscionable" contract.
Law360 relates that the joint, one-paragraph filing dismisses the
case without prejudice and requires each party to bear its own
costs and attorneys' fees after the Camber Energy and Discover Fund
jointly requested dismissal.
Law360 recounts that Camber sued Discover Growth Fund on May 9,
saying that the offshore lender's conversions were ruining the
company. And earlier in May, Law360 cites, U.S. District Judge Sim
Lake rejected Camber's request to virtually halt the lender's
trading in its shares, saying the facts boiled down to Camber's own
"failure to adequately scrutinize" its deals with Discover.
The case is Camber Energy Inc. v. Discover Growth Fund et al., case
number 4:17-cv-1436, in the U.S. District Court for the Southern
District of Texas, Houston Division.
About Camber Energy
Based in Houston, Texas, Camber Energy (NYSE MKT: CEI) is a
growth-oriented, independent oil and gas company engaged in the
development of crude oil and natural gas in the Austin Chalk and
Eagle Ford formations in south Texas, the Permian Basin in west
Texas, and the Hunton formation in central Oklahoma.
Lucas Energy changed its name to Camber Energy, Inc., effective
Jan. 5, 2017, to more accurately reflect the Company's strategic
shift from its Austin Chalk and Eagleford roots to an expanding
addition of shallow oil and gas reserves with longer-lived,
lower-risk production profiles.
Lucas Energy reported a net loss of $25.4 million for the year
ended March 31, 2016, compared to a net loss of $5.12 million for
the year ended March 31, 2015. As of Dec. 31, 2016, Camber Energy
had $71.34 million in total assets, $49.12 million in total
liabilities and $22.21 million in total stockholders' equity.
Hein & Associates LLP, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the year
ended March 31, 2016, citing that the Company has incurred
significant losses from operations and had a working capital
deficit of $9.6 million at March 31, 2015. These factors raise
substantial doubt about the Company's ability to continue as a
going concern.
CARESTREAM HEALTH: S&P Affirms 'B' CCR, Off CreditWatch Negative
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' corporate credit rating on
Rochester, N.Y.-based Carestream Health Inc. and removed the rating
from CreditWatch, where it was placed with negative implications on
April 21, 2017. The outlook is negative.
S&P's 'B+' issue-level rating on Carestream's first-lien debt
(issued by Onex Carestream Finance L.P.) and the revolver facility
remains on CreditWatch with negative implications. The recovery
rating on this debt is '2', indicating S&P's current expectation of
substantial (70%-90%; rounded estimate: 70%) recovery in a payment
default scenario.
S&P also affirmed its 'B-' issue rating on the company's
second-lien term loan issued by Onex Carestream Finance L.P., and
removed the rating from CreditWatch with negative implications. The
recovery rating on this debt is '5', indicating S&P's expectation
of modest (10%-30%) recovery in a payment default scenario.
"The negative outlook reflects our assessment that the proposed
divestiture of the company's Dental Digital unit will weaken its
business risk profile and may intensify revenue declines as the
demand in some of the remaining product lines gradually decreases,"
said S&P Global Ratings credit analyst Alice Kedem.
In addition, the company faces substantial approaching maturities
in June 2019. Absent resolution of the refinancing risk over the
next 12 months, S&P would view the company's liquidity position as
inconsistent with a 'B' rating.
The Dental Digital unit represents above 20% of revenue, and has
higher EBITDA contribution margins and growth rates than the
company average. Pro forma for the transaction S&P views the
company as less diversified, less profitable, having lower scale,
and subject to secular revenue declines in the film businesses.
The negative outlook reflects S&P's assessment that the proposed
divestiture of the company's Dental Digital segment will weaken its
business risk profile and may intensify revenue declines as the
demand in some of the remaining product lines gradually decreases.
S&P could lower the rating if the company's operating performance
falls materially short of our expectations, or if adjusted debt
leverage rises above 5.0x. This could happen, for instance, if
revenue declines materially accelerate, potentially driven by an
accelerated erosion in the medical film segment that is not offset
by growth in the medical digital and NDT segments.
Alternatively, S&P could lower the rating if EBITDA margins fall by
300 basis points. This would limit free cash flow to negligible
levels. Finally, S&P could also lower the rating if the company
fails to refinance or extend approaching debt maturities within the
next 12 months.
S&P could consider revising the outlook to stable if the company is
able to offset the decline in its film business by growth in its
other businesses and maintain stable operating margins.
Alternatively, S&P could consider revising the outlook to stable if
the leverage declines to below 4x, and it expects the company to
sustain it at that level. An upgrade is unlikely in the short-term
horizon.
CERATECH INC: U.S. Trustee Forms 3-Member Committee
---------------------------------------------------
Judy A. Robbins, U.S. Trustee for the Eastern District of Virginia,
on May 23 appointed three creditors to serve on the official
committee of unsecured creditors in the Chapter 11 case of
CeraTech, Inc.
The committee members are:
(1) Empire Blended Products, Inc.
Randy Gornitzky, President
250 Hickery Lane
Bayville, NJ 08721
Tel: (732) 269-4949
(2) Bulk Chemical Services, LLC
Seth Spurlock
1355 Terrell Mill Road
Building 1460, Suite 150
Marietta, GA 30067
Tel: (404) 350-8404
(3) University of Kentucky
Thalethia B. Routt, Associate General Counsel
Office of Legal Counsel
301 Main Building
Lexington, KY 40506-0032
Tel: (859) 257-3725
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
Sustainable Cements USA, APH (CeraTech Asia Pacific Holding, LTD),
and Peter Stork filed an involuntary petition to place CeraTech,
Inc. under Chapter 7 bankruptcy. They purport to be creditors of
CeraTech. They filed the petition (Bankr. E.D. Va. Case No.
16-13519) on Oct. 18, 2016. The petitioning creditors are
represented by Alexander McDonald Laughlin, Esq. --
Alex.Laughlin@ofplaw.com -- at Odin Feldman & Pittleman, P.C.
Stephen E. Leach, Esq., at Hirschler Fleischer serves as the
Debtor's counsel.
On Nov. 17, 2016, the Hon. Brian F Kenney entered an order granting
motion to convert case to Chapter 11.
CERTO'S PORK: Taps Morrison Tenenbaum as Legal Counsel
------------------------------------------------------
Certo's Pork Store Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to hire legal counsel in
connection with its Chapter 11 case.
The Debtor proposes to hire Morrison Tenenbaum PLLC to, among other
things, give legal advice regarding its duties under the Bankruptcy
Code, negotiate with creditors, and assist in the preparation and
implementation of a plan of reorganization.
Lawrence Morrison, Esq., the attorney primarily responsible for
representing the Debtor, will charge an hourly fee of $495.
Associates and paraprofessionals will charge $350 per hour and $150
per hour, respectively.
The firm received a sum of $1,717 for the filing fee and a retainer
in the amount of $15,000, of which $10,000 was paid by a third
party.
Mr. Morrison disclosed in a court filing that his firm is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Lawrence F. Morrison, Esq.
Morrison Tenenbaum PLLC
87 Walker Street, Floor 2
New York, NY 10013
Email: lmorrison@m-t-law.com
About Certo's Pork Store Inc.
Certo's Pork Store, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 17-42426) on May 15,
2017. Rachel Certo, president, signed the petition.
At the time of the filing, the Debtor estimated assets and
liabilities of less than $50,000.
COACH INC: Egan-Jones Assigns BB+ Sr. Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings, on May 8, 2017, assigned 'BB+' local currency
and foreign currency senior unsecured ratings on debt issued by
Coach Inc.
Coach, Inc. is a design house of luxury accessories and lifestyle
collections. The company's product offering uses a range of
leathers, fabrics and materials. Its segments include North
America, International and Stuart Weitzman.
CONNECTURE INC: Covenant Problems Raises Going Concern Doubt
------------------------------------------------------------
Connecture, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $3.70 million on $18.27 million of revenue
for the three months ended March 31, 2017, compared with a net loss
of $7.34 million on $17.56 million of revenue for the same period
in 2016.
The Company's balance sheet at March 31, 2017, showed $88.59
million in total assets, $80.45 million in total liabilities,
$52.90 million in redeemable preferred stock - series A, $16.98
million in redeemable preferred stock - series B, and a
stockholders' deficit of $61.74 million.
For the years ended December 31, 2016 and 2015 net losses from
operations were $20,870 and $1,487, respectively, and cash used in
operations was $24,469 and $16,192, respectively. Additionally,
for the three months ended March 31, 2017 the Company's net loss
from operations and its cash used in operations were $2,678 and
$10,138, respectively. The Company has taken a number of actions
in 2016 and the first quarter of 2017 to improve its operating cash
flows in order to continue to support its operations and meet its
obligations.
The Company's historical operating results indicate conditions
exist that raise uncertainty related to the Company's ability to
continue as a going concern. The Company has taken certain actions
to mitigate the uncertainty raised by the Company's historical
operating results. At this time the Company projects that it will
comply with the minimum liquidity covenant through March 31, 2018,
but does not anticipate it would achieve compliance with the
minimum liquidity covenant beyond March 31, 2018. Accordingly, the
Company expects it will have sufficient liquidity to meet
obligations as they come due through March 31, 2018, but if the
Company is unable to meet or amend the senior credit facility
financial covenants, cannot generate sufficient additional
liquidity through the mechanisms described above or through
additional support from the Company's investor base or some
combination of other actions, all of the Company's scheduled senior
indebtedness of approximately $31,991 at March 31, 2018 would
become immediately due and payable. The conditions currently
result in substantial doubt about the Company's ability to continue
as a going concern for the twelve-month period following issuance
of these March 31, 2017 financial statements.
A copy of the Form 10-Q is available at:
http://bit.ly/2re1UlT
Connecture, Inc., is a web-based consumer shopping, enrollment and
retention platform for health insurance distribution. The
Brookfield, Wisconsin-based Company aims to offer a personalized
health insurance shopping experience to recommend the best fit
insurance plan based on an individual's preferences, health status,
preferred providers, medications and expected out-of-pocket costs.
COSI INC: Cash Collateral Motion Withdrawn, Hearing Cancelled
-------------------------------------------------------------
Judge Melvin S. Hoffman of the U.S. Bankruptcy Court for the
District of Massachusetts cancelled a hearing scheduled for May 25,
2017 on Cosi, Inc.'s Motion for Entry of an Order Authorizing Use
of Cash Collateral. The hearing was cancelled after the Motion was
withdrawn.
About Cosi Inc.
Cosi, Inc., is an international fast-casual restaurant company
featuring its crackly-crust flatbread and specializing in a variety
of made-to-order hot and cold sandwiches, salads, bowls, breakfast
wraps, "Squagels" (square bagels), melts, soups, flatbread pizzas,
S'mores, snacks, deserts and a large offering of handcrafted,
coffee-based, and specialty beverages.
The company was first established in New York in 1996 and
incorporated in Delaware in 1998. In 2002, Cosi became publicly
traded company on the Nasdaq exchange under the symbol "COSI".
Cosi and its subsidiaries filed Chapter 11 petitions (Bankr. D.
Mass. Lead Case No. 16-13704-MSH) on Sept. 28, 2016. The cases are
assigned to Judge Melvin S. Hoffman.
Prior to the petition date, the Debtors had 72 debtor-owned
locations and 35 franchised locations and employed 1,555 people.
The Debtors tapped Joseph H. Baldiga, Esq., and Paul W. Carey,
Esq., at Mirick, O'Connell, DeMallie & Lougee, LLP, as counsel; DLA
Piper LLP (US) as special counsel; The O'Connor Group as financial
consultant; BDO USA, LLP, as auditor and accountant; and Randy
Kominsky of Alliance for Financial Growth, Inc., as chief
restructuring officer.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors. The Committee's attorney is Lee Harrington,
Esq., at Nixon Peabody LLP. Deloitte Financial Advisory Services
LLP serves as the Committee's financial advisor.
CS360 TOWERS: Sale Process for Sacramento Properties Proposed
-------------------------------------------------------------
Bradley Sharp, Trustee for CS360 Towers, LLC, asks the U.S.
Bankruptcy Court for the Eastern District of California to
authorize the sales and bid procedures in connection with the sale
of real estate assets at 500 N Street, Sacramento, California.
The Debtor owns and operates real estate assets consisting of
residential condominium units, as well as commercial office space,
located in the building at 500 N Street. The Debtor owns and/or
operates 34 condo units and 9 commercial units at 500 N Street.
The Units are encumbered by various levels of secured debt. The
Units were initially purchased in 2011, through a transaction by
which the Debtor and its principals purchased a defaulted note from
Wells Fargo, and subsequently foreclosed on that note, thereby
obtaining ownership at that time of 72 units. Since that time, the
Debtor has used the assets to generate revenue by (i) renting the
units, and managing them as rentals; (ii) engaging in sales of
units over the years; and (iii) using the units as collateral to
borrow substantial funds.
The assets have been marketed over the years, with sales occurring
periodically, such that approximately 35-40 units have been sold
since the Debtor was capitalized with the initial acquisition.
Thus, from the Trustee's perspective, the sale of units has always
been in the ordinary course of business for the Debtor.
In order for the Debtor to pay down secured debt, pay down back
property taxes, and to generate funds for the benefit of unsecured
creditors, the Trustee will engage in an organized listing and
sales process for the Units. The Trustee will, in his discretion
and in conjunction with consultations with creditors and his
brokers, list the Units for sale in a commercially-reasonable
fashion, at market value, and in a way that maximizes the value of
the Units by engaging in a systematic listing and sales process
that ensures (i) the market is not flooded with listings, and (ii)
accounts for a mix of floors and floorplans that are listed at any
given time, to further maximize value.
In conjunction with and in order to effectuate the listing and sale
process, concurrently herewith the Trustee has filed, and seeks
court authority, for the employment of listing Brokers for both the
residential and commercial Units. The Trustee has been able to
negotiate broker commissions such that the entire commission due on
the close of the sale of a respective Unit will not exceed 5%
(which includes a proposed 2% commission to a purchaser's broker).
Of the 43 Units the Debtor own, 14 are titled in the name of Ronald
Elvidge who in addition to being listed on title for those units,
is also a secured creditor, with debt encumbering other units
("Elvidge Units"). The transaction by which Mr. Elvidge acceded to
record title of the Elvidge Units appears to have been consummated
in 2011. Documents currently available to the Trustees appear to
represent a sale transaction, by which Mr. Elvidge on paper
purchased 17 units for $1.3 million. Testimony from one of the
Debtor's principals is that the 2011 transaction was a loan, not a
sale, and that the transaction documents were structured as a sale
transaction to accommodate certain tax considerations. The Trustee
is currently managing the Elvidge Units, with the temporary
agreement of Mr. Elvidge, subject to future investigation and
discussion. The Trustee proposes that the authority to list and
sell the Elvidge Units be provided to the Trustee, subject to Mr.
Eividge's reservation of rights, and further agreement of the
parties (or order of the court) regarding disposition of sale
proceeds from the Elvidge Units.
The Trustee asks approval of a listing and sale process, by which
he intends to maximize the value of the Debtor's assets by way of
periodic listings and sales, in his discretion, subject to the
procedures set forth, and in consultation with creditors and the
his listing brokers. He Trustee believes that the sale procedures
set forth will assist in determining the highest and best offer
available to the Debtor for the sale of assets. He believes that
these procedures are favorable to the Debtor and its creditors, and
create a fair and level playing field for all interested bidders.
The Trustee asks that the Court enters the Sales and Bid Procedures
Order approving these Sales and Bid Procedures for the listing,
sale, submission and consideration of any proposed sale and
competing bid for a respective Unit, and approving the form and
manner of notice with respect thereto, and for the approval and
closing of such sale:
a. Listing: The Trustee will list the Units for sale
through the Brokers, who will solicit purchasers, market the
assets, and assist in the documentation and consummation of the
proposed sale of any Unit, subject to the oversight and approval of
the Trustee.
b. Purchase Agreement: The Brokers, with the oversight
and approval of the Trustee, may enter into a proposed Purchase and
Sale Agreement, with any proposed purchaser, for the sale of any
Unit. Any Purchase Agreement for the sale of any Unit will
specifically provide that the proposed sale is subject to Court
Approval, and the procedures set forth.
c. Due Diligence &Inspection: Upon execution of the
Purchase and Sale Agreement, the buyer will be permitted 17 days to
complete their inspections, due diligence, and loan financing
necessary to close the sale.
d. Notice of Sale and Opportunity to Overbid: Upon the
buyer waiving all sale contingencies according to the Purchase
Agreement for any Unit, the Trustee, through counsel, will file a
"Notice of Sale and Opportunity to Overbid" with the Court, which
will contain the proposed purchase price, a description of the Unit
proposed to be sold, minimum overbid price acceptable, and will
attach a copy of the executed Purchase Agreement and declarations.
The Notice of Sale and Opportunity to Overbid will notify any
recipient that the proposed sale of the respective Unit is subject
to overbidding, and that any interested party will have 10 calendar
days to notify the Trustee, his brokers, or through counsel, that
an individual or entity is interested in overbidding. Any such
overbidder will be required to (i) demonstrate to the Trustee's
discretion the ability to close on the sale unconditionally and
(ii) will provide the Trustee (a) an executed overbid Purchase
Agreement provided by the brokers which is the same form as the
initial purchaser executed immediately waiving all contingencies,
(b) a deposit, in immediately available funds, equal to the deposit
amount provided by the initial purchaser or $10,000 whichever is
greater, and (c) the executed Purchase Agreement by any proposed
over-bidder will be for a minimum of at least $10,000 more than the
initial purchaser's proposed purchase price set by the Trustee.
e. Sale Approval Hearing and Auction: If, in response to
the Notice of Sale and Opportunity to Overbid, a proposed
over-bidder complies with the requirements set forth, then the
Trustee will file a Notice of Sale Approval Hearing for the first
available calendar date on the court's calendar that will notice a
hearing on approval of the sale, subject to overbids, and at which
the Unit subject to the Purchase Agreement(s) will be auctioned to
the highest bidder, in bidding increments determined by the
Trustee. Following the auction at the Sale Approval Hearing, the
Trustee will seek entry of an order approving the sale of the Unit
to the highest bidder, in a form acceptable to the Trustee, the
purchaser, and the title company that is handling the escrow for
the sale. Trustee will also ask the runner up bidder if they would
like to be a backup buyer in the event the winning bidder does not
close on the sale.
f. Sale Approval Without Further Hearin: If, following
service of the Notice of Sale and Opportunity to Overbid, there is
no Over-Bidder that satisfies the Overbid Requirements, then the
Trustee will be authorized to submit an order approving the
proposed sale, under the authority provided by the order on the
Motion, on ex parte application.
g. Closing: Except to the extent of any contrary
provision in the Purchase Agreement of any proposed purchaser or
Over-Bidder, the Closing of the proposed sale of any Unit will take
place in compliance with the terms of any order entered on the
Motion, and will include (a) the satisfaction of undisputed secured
debt out of the close of escrow, (b) the payment of sales
commissions to the Brokers and to a purchaser's broker and costs of
sale, out of escrow, (c) the authority of the Trustee to take any
and all steps and actions necessary to close the sale of any Unit
to a purchaser. If the Trustee disputes either the amount or
validity of any secured debt encumbering any Unit subject to sale,
then the Trustee will so notify the title company, and the sale
will still close, but funds equal to the amount asserted by the
secured creditor whose debt is disputed by the Trustee, will be
held by the Trustee and not disbursed, and the lien of any secured
creditor whose debt is disputed will attach to the sales proceeds
to the same extent, priority, and validity of the lien as asserted,
and will not be disbursed pending final order of the court or
agreement of the parties. Each deposit submitted pursuant to
these Bidding Procedures will be held in escrow until the sale of a
respective Unit closes, in which case if the deposit was provided
by the successful purchaser, it will be applied to the purchase
price, and if provided by an unsuccessful purchaser, then that
party's deposit will be returned when the sale closes to the
successful purchaser.
h. General: These Bidding Procedures are subject to
modification from time to time by the Trustee, as circumstances may
warrant. The Trustee will promptly notify parties in interest and
prospective purchasers of any such modifications. No bidder or
prospective purchaser has any rights against the Trustee, the
Debtor, its estate, or any of the Trustee's other professionals by
virtue of any modification of these Bid Procedures, or by virtue of
having or not having its bid accepted by the Trustee or approved by
the Bankruptcy Court. To participate in an auction each Over-Bidder
is required to sign an acknowledgement of no rights or claims
against the Trustee, the Debtor, the estate, or the Trustee's
professionals for the foregoing.
i. Terms of Sale: The sale of the Units will be on an "as
is, where is" basis and without representation or warranties of any
kind, nature or description by the Trustee, Debtor, or their
agents, except as provided in a Purchase Agreement accepted by the
Trustee and approved by the Bankruptcy Court. All of the Debtor's
right, title and interest in and to the assets will be sold free
and clear of all liens, encumbrances, claims, and interests to the
full extent available under Bankruptcy Code section 363, with such
liens, encumbrances, claims and interests to attach to the net
proceeds of the sale, if disputed.
About CS360 Towers
CS360 Towers, LLC filed a Chapter 11 petition (Bankr. E.D. Cal.
Case No. 17-20731) on February 3, 2017. The petition was signed by
Mark D. Chisick, manager. The case is assigned to Judge Robert S.
Bardwil. The Debtor is represented by Stephan M. Brown, Esq. at
the Bankruptcy Group, P.C.
At the time of filing, the Debtor had total assets of $18.46
million and total liabilities of $5.72 million.
Bradley Sharp of Development Specialists, Inc. was appointed as
Chapter 11 trustee on March 27, 2017.
DEVAL CORP: PDI, PDIGSS Seek Ch. 11 Trustee Appointment
-------------------------------------------------------
PDI/DeVal Acquisition, LLC (PDI) and PDI Ground Support Systems,
Inc. (PDIGSS), creditors and parties-in-interest, ask the U.S.
Bankruptcy Court for the Eastern District of Pennsylvania to enter
an order directing the appointment of a Chapter 11 trustee for
DeVal Corporation.
According to the creditors, the Debtor's shareholders, who manage
the Debtor's business, have demonstrated incompetence,
unreliability, dishonesty, and, despite prior admonitions from the
Court, showed the lack of appreciation for their fiduciary
responsibilities, which they have repeatedly violated.
The creditors further provides that the Debtor's shareholders
appear to have focused on a single goal, that is, avoiding the
transfer of the business to PDI, instead of preserving the Debtor's
enterprise and maximizing the return to the creditors. As such, the
creditors believe that the principals have a fundamental conflict
of interest leaving the interests of unsecured creditors
functionally unrepresented. Hence, the Movants ask for the
appointment of a Chapter 11 Trustee.
About DeVal Corporation
DeVal Corporation filed a Chapter 11 petition (Bankr. E.D. Pa. Case
No. 16-17922) on Nov, 11, 2016. The petition was signed by Dominic
Durinzi, president. The case is assigned to Judge Ashely M. Chan.
The Debtor estimated assets and liabilities at $1 million to $10
million at the time of the filing. The Debtor is represented by
Robert M. Greenbaum, Esq., and David B. Smith, Esq., at Smith Kane
Holman, LLC. Michael C. Lingerman, CPA, LLC, serves as accountant
to the Debtor.
DILLARD'S INC: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
-------------------------------------------------------------
Egan-Jones Ratings, on May 12, 2017, downgraded the local currency
and foreign currency senior unsecured ratings on debt issued by
Dillard's Inc. to BB+ from BBB-.
Dillard's, Inc. is an American department store chain with 300+
stores in 28 states, headquartered in Little Rock, Arkansas.
DUFOUR PASTRY: Has Access to Cash Collateral Until Plan Approval
----------------------------------------------------------------
Judge Stuart M. Bernstein on May 22, 2017, entered a final order
authorizing Dufour Pastry Kitchens, Inc., to, inter alia, use cash
collateral in which TD Bank, N.A., has asserted perfected security
interests.
The Debtor owes TD Bank $250,000 as of the Petition Date. TD Bank
has a security interest in, a lien on and pledge and assignment on
all the Debtor's personal property. The Debtor contends that the
value of its assets far exceed its indebtedness to TD Bank,
providing the bank with a substantial equity cushion.
The Debtor contends that continued use of cash collateral on a
final basis pending confirmation of a plan or dismissal or
conversion of the Debtor's Chapter 11 case is necessary to prevent
immediate and irreparable harm to the Debtor's estate in that
without continued and final authorization to use the cash
collateral, the Debtor's ability to sustain its operations and meet
its current necessary and integral business obligations will be
impossible.
"Effective nunc pro tunc as of Oct. 24, 2016 and continuing through
and including either (a) confirmation of a plan or (b) conversion
or dismissal of the Debtor's Chapter 11 case (the "Final Period"),
the Debtor is authorized to use the Cash Collateral on a final
basis subject to the terms of this Order and in accordance with the
budget . . ., subject to a 10% variance or upon further consent of
TD Bank or further order of this Court," according to the Final
Order.
As adequate protection, TD Bank is granted replacement liens. In
addition, the Debtor will continue to make principal and interest
payments under the SBA Note to TD Bank at the rate of $4,000 per
month.
A copy of the final order is available at:
http://bankrupt.com/misc/Dufour_Pastry_45_Ord_Cash.pdf
About Dufour Pastry Kitchens
For over 30 years, Dufour Pastry Kitchens Inc., has made and sold
premium frozen ready-to-bake puff pastry dough, tart shells, and
hors d'oeuvres. Its products are made by hand in the Bronx using
butter sourced from an upstate New York creamery, then shipped
across the country to distributors serving the finest caterers,
restaurants, hotels, and such specialty supermarket chains as Whole
Foods, Sprouts, King's, Giant Eagle and Fresh Market. In New York
City, customers include the Waldorf Astoria, Sheraton NY, and Grand
Hyatt as well as specialty food shops like Zabar's, Dean & Deluca,
Citarella and Fairway.
Dufour Pastry Kitchens filed a chapter 11 petition (Bankr. S.D.N.Y.
Case No. 16-12975) on Oct. 24, 2016. The petition was signed by
Carla Krasner, vice president. The Debtor estimated assets and
liabilities at $1 million to $10 million at the time of the
filing.
The case is assigned to Judge Stuart M. Bernstein.
The Debtor is represented by Dawn Kirby, Esq., and Jonathan S.
Pasternak, Esq., at Delbello Donnellan Weingarten Wise & Wiederkehr
LLP.
EATERIES INC: Has Final OK to Use Cash Collateral, Obtain Financing
-------------------------------------------------------------------
The Hon. Sarah A Hall of the U.S. Bankruptcy Court for the Western
District of Oklahoma has entered a final order authorizing
Eateries, Inc., and GRP of Zanesville, LLC, to use cash collateral
and obtain from SpiritBank, an Oklahoma Banking Corporation,
postpetition financing of up to an aggregate principal amount of
$500,000 on a revolving basis.
Without the use of the Loan Facility, the Debtors may not have the
funds necessary to conduct their businesses in the ordinary course
of business, maintain their assets, provide financial information,
or pay employee compensation, payroll taxes, overhead, and other
expenses necessary to maximize the value of the Debtors' assets by
obtaining confirmation of a plan, and thereby continue providing
quality restaurant services to the communities they serve. The
Debtors are seeking authority to obtain the Loan Facility due to
the risk of cash flow interruptions and fluctuations frequently
attendant to any debt adjustment case under the U.S. Bankruptcy
Code. The DIP Lender is willing to provide on a final basis the
Loan Facility to or for the benefit of the Debtors only in
accordance with the terms of the Loan Agreement and this final
court order.
The DIP Lender is entitled to and is granted first priority claims,
liens and security interests, and the protections of good faith
credit providers to secure the Loan Facility, senior to all other
liens and security interests, to secure repayment of principal and
any other extensions of credit, interest, fees, expenses, and any
fees and expenses of DIP Lender in this case, however incurred, but
subject only to prior liens, if any, and the carve-out.
The Debtors are indebted to Fresh Capital, LLC, Fiesta Holdings,
Inc., and Practical Investors, LLC, pursuant to certain documents
executed and delivered to Secured Creditor by the Debtors,
including, without limitation, all notes, security agreements,
assignments, pledges, mortgages, deeds of trust, guaranties,
forbearance agreements, letters of credit, and other instruments or
documents executed.
Pursuant to the Pre-Petition Claim Documents and applicable law,
Secured Creditor holds a valid, enforceable, and allowable claim
against the Debtors, as of the Petition Date, in an aggregate
amount of at least $1.3 million of unpaid principal, plus any and
all accrued and unpaid interest, fees, costs, expenses, charges,
and other claims, debts or obligations of the Debtors to Secured
Creditor that have accrued as of the Petition Date under the
Pre-Petition Claim Documents and applicable law.
The Secured Creditor Pre-Petition Claim is secured by properly
perfected first priority liens and security interests in, inter
alia, any and all assets and property of the Debtors
Performance Food Group, Inc., is Debtors' primary and critical
trade creditor. PFG provides food and other supplies to the
Debtors' restaurants which are critical to maintaining operations.
The Debtors' trade payables to PFG have a revolving balance of
approximately $375,000. Eateries is giving PFG a consensual,
non-priority lien and security interest on all of Eateries' assets,
with the consent of the DIP Lender and the Secured Creditor, and
will seek Court approval for said lien via a separate motion and
notice to interested parties.
PFG has agreed to subordinate all of PFG's pre-petition claim and
all of its rights in the Prepetition Collateral to the claims and
liens granted to DIP Lender in the Loan Agreement, the interim
financing court order, and the final court order. To the extent
necessary, PFG also consents to the use of any cash collateral.
PFG's liens and security interests in Debtors' assets are junior
and inferior in priority to the liens and security interests of the
Secured Creditor. However, the Secured Creditor and PFG are
parties to an intercreditor agreement whereby, under certain
circumstances, the proceeds from the sale of the Debtors' assets
which otherwise would be payable to the Secured Creditor will be
paid to PFG despite the priority of the Secured Creditor's liens
and security interests in assets.
The Secured Creditor has agreed to subordinate all of the Secured
Creditor Prepetition Claim and all of its rights in the Prepetition
Collateral to the claims and liens granted to DIP Lender in the
Loan Agreement, the interim financing court order, and the final
court order.
The entry of this final court order will result in the priming and
subordination of all claims and liens of the Secured Creditor and
PFG to the DIP Lender.
Copies of the final court order and the budget are available at:
http://bankrupt.com/misc/okwb17-11444-122.pdf
http://bankrupt.com/misc/okwb17-11444-122-1.pdf
About Eateries and GRP of Zanesville
Eateries, Inc., doing business as Garfield's Restaurant & Pub and
doing business as S&B Burger Joint of Carbondale, IL, owns 11
different restaurants on leased premises. Hestia Holdings, LLC,
holds a 100% stake in the Company.
Eateries, Inc., and its affiliate GRP of Zanesville, LLC, filed
Chapter 11 petitions (Bankr. W.D. Okla. Case Nos. 17-11444 and
17-11445, respectively) on April 18, 2017. The petitions were
signed by William C. Liedtke, III, vice president. The cases are
jointly administered and assigned to Judge Sarah A. Hall.
Eateries, Inc., estimated $500,000 to $1 million in assets and $1
million to $10 million in liabilities. GRP of Zanesville estimated
less than $50,000 in assets and $1 million to $10 million in
liabilities.
The Debtors are represented by Mark A. Craige, Esq., and Lysbeth
George, Esq., at Crowe & Dunlevy, A Professional Corporation.
Eateries, Inc., previously filed sought Chapter 11 protection on
Dec. 28, 2012 (Bankr. W.D. Okla. Case No. 12-16224) and on May 11,
2009 (Bank. W.D. Okla. Case No. 09-12499).
To date, an official committee of unsecured creditors has not yet
been appointed in the new cases.
ELDORADO GOLD: S&P Lowers CCR to 'B+'; Outlook Stable
-----------------------------------------------------
S&P Global Ratings lowered its ratings on Vancouver-based gold
producer Eldorado Gold Corp., including its long-term corporate
credit rating to 'B+' from 'BB-'. S&P Global Ratings also assigned
its '3' recovery rating on the company's senior unsecured notes,
which corresponds to meaningful (50%-70%; rounded to 65%) recovery
in the event of a default and a 'B+' issue-level rating (no
notching from the corporate credit rating). The outlook is stable.
S&P did not previous apply a recovery analysis to Eldorado because
the company had material assets in China, and S&P do not have a
jurisdictional ranking assessment on the country.
"The downgrade primarily reflects our weaker view of Eldorado's
business risk profile following a reassessment of its competitive
position," said S&P Global Ratings credit analyst Abid Maredia.
S&P believes the risks associated with the company's limited
operating breadth will persist at least over the next two years
amid a period of high capital spending on multiple growth projects.
Eldorado's concentration of assets in Turkey, including its
reliance on its Kisladag mine for the vast majority of cash flow,
notably exposes the company to unexpected operating disruptions.
S&P expects it to gradually increase and diversify annual
production from current and prospective mine development projects.
However, S&P believes the corresponding increase in cash flow is
likely predominantly after 2018 and beyond S&P's rating horizon.
The ratings on Eldorado now reflect S&P's view of the company's
weaker operating breadth relative to that of similarly rated peers
and corresponding risks related to its high growth investments over
the next two years.
S&P bases its business risk assessment on Eldorado primarily on its
view of the company's limited operating diversity as an operator of
two mines in Turkey, and its modest annual scale of production
(2017 gold output is estimated at the low end of the company
guidance range of 365,000-400,000 ounces). S&P also incorporates
Eldorado's sensitivity to gold price volatility and its limited
commodity diversification as a gold-focused producer. The company
relies on its Kisladag mine for about 65% of annual production,
which exposes Eldorado to unexpected production disruptions at the
mine. Following the sale of its Chinese assets in 2016, the
company's production profile has declined materially and S&P
considers it low relative to that of its rated gold producing peer
group.
S&P's financial risk profile assessment on Eldorado is unchanged,
and reflects S&P's expectation that the company will generate an
adjusted debt-to-EBITDA ratio of about 3x in 2017 and in the low-2x
area in 2018. S&P also expects average adjusted FFO-to-debt of
just over 30%. S&P considers these ratios strong for the financial
risk assessment. However, S&P also takes into account the
sensitivity of Eldorado's credit measures to potential gold price
and unit cost fluctuations, particularly given its limited mine
diversification, as well as the financial risks associated with
multiple development projects and resulting estimated free cash
flow deficits over the next few years.
The stable outlook reflects S&P's expectation that the company will
generate a three-year weighted average adjusted debt-to-EBITDA
ratio in the 2x-3x area and maintain strong liquidity over the next
12 months despite high growth-related capital spending for new mine
development that S&P expects will lead to negative free cash flow.
A negative rating action could result from higher-than-expected
costs, slower-than-expected production growth, or lower average
gold prices that lead to adjusted debt-to-EBITDA above 4x. In
addition, S&P would downgrade the company should there be
significant deterioration in Eldorado's liquidity position such
that S&P no longer view it as strong, likely from weaker than
expected operating results or project cost-overruns.
Although unlikely over the next 12 months, S&P would consider an
upgrade if the company generated and sustained an adjusted
debt-to-EBITDA ratio below 2x. In this scenario, S&P would expect
higher production at cash costs below its current estimates. An
improvement in the company's business risk profile, likely from
increased operating breadth or sustainably lower cash costs
relative to those of peers, could also lead to an upgrade.
ELM RIDGE: Getzler Henrich Acted as Advisor in Asset Sale
---------------------------------------------------------
Getzler Henrich & Associates acted in a key strategic advisory role
in the sale of assets of Elm Ridge Exploration which closed on
April 29, 2017. GH provided management and financial consulting
assistance to the debtholders that resulted in a full recovery of
their investment, which covered the sale of both upstream and
midstream oil and gas assets to two parties.
Upstream assets consisted of more than 350 producing wells and
undeveloped upside potential in the San Juan Basin and its acreage
position covered approximately 185,000 net acres in New Mexico and
Colorado. The Company's midstream assets consisted of the more
than 150 miles of gas gathering lines and associated gas processing
and treating plants in Colorado and New Mexico. The oil and gas
entity had been in default of a significant Collateralized Debt
Obligation.
EMPLOYBRIDGE HOLDING: S&P Lowers CCR to 'CCC+' on Underperformance
------------------------------------------------------------------
S&P Global Ratings said it lowered its corporate credit rating on
EmployBridge Holding Co. to 'CCC+' from 'B-'. The rating outlook
is negative.
At the same time, S&P lowered its issue-level rating on the
company's senior secured debt to 'CCC+' from 'B-'. The recovery
rating remains '3', indicating S&P's expectation for meaningful
(50%-70%; rounded estimate 50%) recovery of principal for
debtholders in the event of a payment default.
The negative rating outlook reflects S&P's expectation for low
headroom availability under the company's covenant and the risk
that the company's low liquidity could worsen if the company
underperforms S&P's base-case scenario.
S&P could lower the corporate credit rating on EmployBridge over
the next 12 months if the company violates its term loan financial
maintenance covenants or if S&P believes that the company or its
lenders could file for bankruptcy or restructure its debt within 12
months.
S&P could revise the outlook to stable if EmployBridge improves its
operating performance, resulting in improved covenant compliance
and overall liquidity for the company.
EV ENERGY: Anticipates Default, Admits Going Concern Doubt
----------------------------------------------------------
EV Energy Partners, L.P., filed its quarterly report on Form 10-Q,
disclosing a net loss of $50.83 million on $56.99 million of total
revenues for the three months ended March 31, 2017, compared with a
net loss of $29 million on $38.25 million of total revenues for the
same period in 2016.
The Company's balance sheet at March 31, 2017, showed $1.55 billion
in total assets, $840.97 million in total liabilities, and a
stockholders' equity of $708.76 million.
Based on current forward commodity prices, the Company anticipates
that it will be out of compliance with some of the financial
covenants and ratios under its credit agreement by the end of the
first quarter of 2018, which would cause the Company to be in
default under the credit agreement. If the Company is unable to
obtain a waiver or other suitable relief from the lenders, an Event
of Default would result and the lenders could accelerate the
outstanding indebtedness, making it immediately due and payable.
If the indebtedness under the credit agreement is accelerated, then
an Event of Default under the Company's Senior Notes would occur,
which, if it continues beyond any applicable cure periods, would
result in the entire principal under the Senior Notes being due and
payable immediately. If lenders, and subsequently noteholders,
accelerate the Company's outstanding indebtedness (approximately
$612 million as of March 31, 2017), such indebtedness will become
immediately due and payable, and the Company will not have
sufficient liquidity to repay those amounts.
A copy of the Form 10-Q is available at:
http://bit.ly/2rNBxUE
EV Energy Partners, L.P., is a publicly traded oil and gas
exploration and production (E&P) master limited partnership (MLP)
headquartered in Houston, Texas. At December 31, 2015 EVEP had
proved reserves of 183 million barrels of oil equivalent (68%
natural gas, 83% developed). The MLP is controlled by two general
partners (GPs) - EnerVest and EnCap. EnerVest and EVEP's management
owns 76.25% of the GP and EnCap owns 23.75%. EnerVest, EVEP's
management and EVEP's board also own 10% of the limited partnership
(LP) units.
FAIRFIELD SENTRY: 2nd Cir. Upholds Scrapped $230M Claim Sale
------------------------------------------------------------
Ryan Boysen of Bankruptcy Law360 reports that the U.S. Court of
Appeals for the Second Circuit affirmed on May 22, 2017, that a New
York bankruptcy court was right to scrap the sale of a $230 million
claim by the liquidator of Fairfield Sentry Ltd., an offshore
Bernard L. Madoff feeder fund, to hedge fund Farnum Place LLC. In
its decision, the Second Circuit opined that offshore Chapter 15
sales are still subject to U.S. court review, Law360 relates.
Law360 relates that Fairfield Sentry liquidator Kenneth Krys sold
the fund's Securities Investor Protection Act (SIPA) claim against
the Ponzi schemer's defunct firm to Farnum Place in 2010, just days
before it skyrocketed in value after a settlement that brought in
billions for Madoff's estate.
Krys's efforts to undo the sale, executed in the course of
Fairfield's British Virgin Islands liquidation, were rebuffed by
the BVI Eastern Caribbean Supreme Court, a U.S. bankruptcy court
and a U.S. district court before the Second Circuit finally sided
with him in 2014 and remanded the issue to a New York bankruptcy
court, saying it was obligated to review the sale under Section
363, Law360 recounts.
The case is Farnum Place LLC v. Kenneth M. Krys, case number
16-2127-bk, in the United States Court of Appeals for the Second
Circuit.
About Fairfield Sentry
Fairfield Sentry is being liquidated under the supervision of the
Commercial Division of the High Court of Justice in the British
Virgin Islands. It is one of the funds owned by the Fairfield
Greenwich Group, an investment firm founded in 1983 in New York
City. Fairfield Sentry and other Greenwich funds had among the
largest exposures to the Bernard L. Madoff fraud.
Fairfield Sentry Limited filed for Chapter 15 protection (Bankr.
S.D.N.Y. Case No. 10-13164) on June 14, 2010.
Fairfield Sentry became the subject of a BVI liquidation, and a
BVI court appointed the Liquidator under BVI law. The Liquidator
then sought recognition of the BVI liquidation as a foreign main
proceeding under Chapter 15 of the Code in the Southern District
of New York. The Bankruptcy Court entered an order granting
recognition of the Fairfield Sentry case on July 22, 2010,
enabling the Liquidator to use the U.S. Bankruptcy Court to
protect and administer Fairfield Sentry's assets in the U.S.
FLOOR & DECOR: S&P Raises CCR to 'B+' After Solid Earnings
----------------------------------------------------------
S&P Global Ratings raised its corporate credit rating to Smyrna,
Ga.-based Floor & Decor Holdings Inc. (FND) to 'B+' from 'B'. The
outlook is positive.
In addition, S&P raised its issue-level rating on the partially
repaid $174 million first-lien term loan to 'BB-' from 'B'. S&P
revised the recovery rating to '2' from '4', indicating its
expectation for substantial (70% to 90%; rounded estimate: 85%)
recovery of principal in the event of a payment default.
S&P does not rate the $200 million asset-based lending (ABL)
revolver due 2021.
"The upgrade reflects our expectation for stronger EBITDA margins
and profitability as FND continues to pursue its large-format, high
SKU-count store base expansion focused on expanding ancillary
services and acting as a wholesaler to its large (currently at
about 60%) professional customer base. In our view, product mix
tailoring to regional tastes with a focus on the latest styles at
everyday low prices has been contributing to profitable new store
openings," said credit analyst Olya Naumova. "This is evidenced by
a healthy eight consecutive years of double-digit comparable sales
growth and 32% revenue growth through the latest-12-month period
ended in March 2017, with expectations for continued rapid top-line
growth relative to the challenged retail sector in the coming year.
Adjusted EBITDA margins expanded to 16.6% in the latest twelve
months ended March 20, 2017 and we expect further improvements to
17% by 2018 driven by modest product margin increases and expansion
of the company's commercial segment, which is associated with lower
overhead costs."
The positive outlook on FND reflects S&P's expectation that the
company's unique physical store expansion format, focus on the
larger-volume professional customer, diverse in-stock SKU count,
and everyday low prices will continue to drive gross and EBITDA
margin expansion and allow FND to increase its market share in the
hard surface flooring industry to above the currently estimated 5%,
with leverage below 3x by 2018. However, S&P remains cautious
about execution risks associated with aggressive store growth and
any potential housing market headwinds.
S&P will consider a positive rating action if it anticipates that
the sponsors will relinquish control over the medium term and
non-sponsor shareholders own a material (at least 20%) stake, with
the risk of releveraging beyond 4x low. In this scenario, the
company would continue to benefit from opening profitable new
locations, further expanding its market share, and sustaining its
direct purchasing advantage relative to competitors. Positive free
operating cash flows would also demonstrate the sustainability of
an improved financial risk profile. S&P would lower the ratings if
FND cannot manage growth on a leverage neutral basis, whether from
competitive pressures or traffic and average ticket declines that
prompt additional promotions. This would cause revenue growth to
slow down to below 14%, gross and EBITDA margins to decline more
than 400 basis points, and leverage to increase to the low-5.0x.
S&P would also consider a lower rating in the event of a
sponsor-led debt-financed transaction.
FREE GOSPEL: Dismissal, Ch. 11 Trustee Sought over Gross Management
-------------------------------------------------------------------
Judy A. Robbins, the United States Trustee for Region 4, asks the
U.S. Bankruptcy Court for the District of Maryland to dismiss the
Chapter 11 cases of Free Gospel Church of the Apostles' Church and
F.G. Development Corp., saying both Debtors have failed to comply
with an order of the Court and grossly mismanaged the estate.
The U.S. Trustee also seeks the alternative relief of the
appointment of a Chapter 11 Trustee for the Debtors.
According to the U.S. Trustee, the Court had entered a Consent
Order dated February 3, 2017, ordering the Debtors to file a
disclosure statement and plan of reorganization that is reasonably
susceptible to approval and confirmation by March 15, 2017.
However, more than two months have passed since the March 15, 2017
deadline, the Debtors have not filed a confirmable plan or an
approvable disclosure statement, the U.S. Trustee points out.
Further, the U.S. Trustee provides that there does not appear to be
a reasonable likelihood of rehabilitation for the Debtor. The
Disclosure Statement shows that Pastor Green, the decision-maker
for the Debtors, is unwilling or unable to make the difficult, but
necessary, financial decisions to bring costs and expenses under
control during the life of the Plan.
Therefore, the U.S. Trustee noted that if the Court determines that
a dismissal in not in the best interest of the creditors, the U.S.
Trustee requested that the Court direct her to appoint a Chapter 11
Trustee.
About The Free Gospel of the Apostles' Doctrine
The Free Gospel of the Apostles' Doctrine, a non-profit, was
founded Feb. 9, 1996, as a Pentecostal denominational church.
Free Gospel is closely connected with F.G. Development Corporation.
F.G. Development guaranteed a loan to SMS Financial XXVI, LLC
("SMS") that was made to and for the benefit of Free Gospel. After
Free Gospel defaulted on the loan, SMS looked to F.G. Development
for payment.
To stop SMS's collection efforts, The Free Gospel of the Apostles'
Doctrine filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case
No. 15-18209) on June 9, 2015. The petition was signed by
Antoinette Green-Snow as executive administrator. The Debtor
estimated assets of $10 million to $50 million and debts of $1
million to $10 million.
Frank Morris, II, Esq., at Law Office of Frank Morris II, serves
as the Debtor's counsel.
On June 9, 2015, F.G. Development also filed bankruptcy (Case No.
15-18210), estimating $1 million to $10 million in assets. F.G. is
also represented by the Law Office of Frank Morris II.
Free Gospel and F.G. did not seek joint administration of their
Chapter 11 cases.
Judy A. Robbins, the U.S. Trustee for Region 4, told the U.S.
Bankruptcy Court for the District of Maryland that she has not
appointed creditors to serve on the official committee of unsecured
creditors in the Chapter 11 Bankruptcy case of The Free Gospel of
the Apostles Doctrine because the number of persons eligible and
willing to serve on the committee is presently insufficient.
FRESH & EASY: Satoma Buying Liquor License No. 539700 for $100K
---------------------------------------------------------------
Fresh & Easy, LLC, filed with the U.S. Bankruptcy Court for the
District of Delaware a notice that it is selling Liquor License
(No. 539700) to Satoma Spirits for $100,000.
The objection deadline is June 2, 2017 at 5:00 p.m. (ET)
On Dec. 3, 2015, the Court entered a Miscellaneous Asset Sale
Order, authorizing the Debtor to sell or transfer certain
miscellaneous assets pursuant to the procedures set forth in the
Miscellaneous Asset Sale Order. Pursuant to that Order, the Debtor
proposes to sell the Liquor License to the Buyer pursuant to the
Purchase Agreement.
The Debtor proposes to sell the Liquor License to the Buyer on an
"as is, where is" basis, free and clear of all liens, claims,
interests, and encumbrances.
A copy of the Purchase Agreement and Miscellaneous Asset Sale Order
attached to the Notice is available for free at:
http://bankrupt.com/misc/Fresh_&_Easy_2210_Sales.pdf
The known parties holding liens or other interest in the Liquor
License are: (i) Wells Fargo Bank, National Association; (ii)
Womble Carlyle Sandridge & Rice LLP; (iii) California Department of
Alcoholic Beverage Control Headquarters; (iv) California State
Board of Equalization; (v) State of California Franchise Tax Board;
(vi) Jewelry Center, LLC; (vii) Refoua, LLC; (viii) Law Offices of
Robert P. Friedman; and (ix) Dean Vasquez.
If no objections are received by the Debtor by the Objection
Deadline, then the Debtor may proceed with the proposed sale in
accordance with the terms of the Miscellaneous Asset Sale Order.
About Fresh & Easy
Fresh & Easy, LLC, a chain of grocery stores in the Southwest
United States, filed a Chapter 11 bankruptcy petition (Bankr. D.
Del. Case No. 15-12220) on Oct. 30, 2015. The petition was signed
by Peter McPhee, the CFO. The Debtor estimated assets of $10
million to $50 million and liabilities of at least $100 million.
Judge Christopher S. Sontchi is assigned to the case.
The Debtor has engaged Norman L. Pernick, Esq., Kate J. Stickles,
Esq., and David W. Giattino, Esq., at Cole Schotz P.C. as counsel;
Epiq Bankruptcy Solutions, LLC, as claims and noticing agent; DJM
Realty Services, LLC; and CBRE Group, Inc., as real estate
consultants; and FTI Consulting, Inc., as restructuring advisors.
The official committee of unsecured creditors hired Fox Rothschild
LLP and ASK LLP as counsel.
* * *
The Debtor has undertaken the process of liquidating the estate's
assets located at its retail locations and distribution center
with the assistance of Hilco Merchant Resources, LLC, and
Industrial Assets Corp., respectively, has engaged DJM Realty
Services, LLC, and CBRE, Inc., to market its leasehold interests,
and has recently engaged Hilco Streambank to assist with the
disposition of its intellectual property.
As part of the claims process, a bar date of Feb. 19, 2016, was
established by the Court for creditor claims.
On Feb. 1, 2017, the Debtor and the unsecured creditors' committee
filed a joint Chapter 11 plan of liquidation and disclosure
statement.
GASTAR EXPLORATION: Amends $300 Million Prospectus with SEC
-----------------------------------------------------------
Gastar Exploration Inc. has amended its Form S-3 registration
statement relating to the offer and sale of its common stock,
preferred stock, debt securities and rights at prices and on terms
that the Company will determine at the time of the offering. The
aggregate initial offering price of the securities that the Company
will offer will not exceed $300,000,000. One or more selling
stockholders may, from time to time, in one or more offerings,
offer and sell up to 169,933,626 shares of its common stock covered
by this prospectus.
The securities may be offered and sold on a delayed or continuous
basis directly by the Company and the selling stockholders, through
agents, underwriters or dealers as designated from time to time,
through a combination of these methods or any other method as
provided in the applicable prospectus supplement. The Company will
not receive any proceeds from the sale of shares of common stock to
be offered by the selling stockholders pursuant to this
prospectus.
The Company's common stock, 8.625% Series A Cumulative Preferred
Stock and 10.75% Series B Cumulative Preferred Stock are listed on
the NYSE MKT LLC under the symbols "GST," "GST.PR.A" and
"GST.PR.B," respectively.
The Company amended the Registration Statement to delay its
effective date.
A full-text copy of the Form S-1/A is available for free at:
https://is.gd/vU35lv
About Gastar Exploration
Houston, Texas-based Gastar Exploration Inc. --
http://www.gastar.com/-- is an independent energy company engaged
in the exploration, development and production of oil, condensate,
natural gas and natural gas liquids in the United States. Gastar's
principal business activities include the identification,
acquisition, and subsequent exploration and development of oil and
natural gas properties with an emphasis on unconventional reserves,
such as shale resource plays.
Gastar reported a net loss attributable to common stockholders of
$103.53 million on $58.25 million of total revenues for the year
ended Dec. 31, 2016, compared to a net loss attributable to common
stockholders of $473.98 million on $107.29 million of total
revenues for the year ended Dec. 31, 2015.
The Company's balance sheet as of Dec. 31, 2016, showed $300.20
million in total assets, $440.63 million in total liabilities and a
total stockholders' deficit of $140.43 million.
* * *
As reported by the TCR on March 15, 2016, Standard & Poor's Ratings
Services lowered its corporate credit rating on Gastar Exploration
to 'CCC-' from 'CCC+'. The downgrade follows Gastar's
announcement that it had just $29 million of cash on hand and a
fully drawn revolver. The company's borrowing base current stands
at $180 million, but will be reduced to $100 million at the earlier
of the close of the Appalachian asset sale or April 10, 2016.
Proceeds from the Appalachian asset sale are expected to be $80
million.
In June 2016, Moody's Investors Service downgraded the Corporate
Family Rating of Gastar to 'Caa3' from 'Caa1'. The rating outlook
was changed to 'negative' from 'stable'. The downgrade of
Gastar's CFR to Caa3 reflects the company's weakened liquidity and
reduced size following the sale of its Appalachian assets in April
2016.
GENERAL EXCAVATION: Resolves Cash Use Objections
------------------------------------------------
By agreement of General Excavation Services, LLC, and its creditors
Swift Financial Corporation and Commercial Credit Group, Inc.,
Judge D. Sims Crawford of the U.S. Bankruptcy Court for the
Northern District of Alabama entered an Order modifying the Agreed
Interim Order Authorizing Use of Cash Collateral and Granting
Adequate Protection entered April 24, 2017 to be a Final Order
Authorizing Use of Cash Collateral and Granting Adequate
Protection.
Commercial Credit Group's Motion to Prohibit Use of Cash
Collateral, as well as Swift Financial Corporation's Objection to
Debtor’s Use of Cash Collateral are both denied.
The Chapter 11 case will proceed in normal course.
A full-text copy of the Order, dated May 25, 2017, is available at
https://is.gd/p4TKiu
About General Excavation Services
General Excavation Services, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. N.D. Ala. Case No. 17-01508) on April 7, 2017.
The petition was signed by James Isbell, managing member. The
Debtor estimated $0 to $50,000 in assets and $1 million to $10
million in liabilities. The Hon. Sims D. Crawford presides over
the case. C. Taylor Crockett, PC, is serving as counsel to the
Debtor.
GENTLEPRO HOME: Can Use CAN Cash Collateral Until Aug. 24
---------------------------------------------------------
Judge Janet S. Baer of the U.S. Bankruptcy Court for the Northern
District of Illinois authorized Gentlepro Home Health Care, Inc.,
to continue using cash collateral until Aug. 24, 2017, on an
interim basis.
The Debtor has acknowledged that there exists a valid lien upon its
assets, and the cash proceeds thereof by CAN Capital who holds a
security interest in substantially all the assets of the Debtor by
way of lien duly filed of which the amount of $79,014 is still due
and owing, as of the Petition Date.
Judge Baer acknowledged that an immediate need exists for the
Debtor to use the prepetition collateral, including the cash
collateral since the Debtor is unable to obtain, on an immediate
basis, credit allowable under the Code.
CAN Capital is unwilling to permit the use of any of its collateral
without the protection afforded by the Code. Accordingly, CAN
Capital is granted these forms of adequate protection:
(a) CAN Capital will receive a security interest in and
replacement lien upon all of the Debtor's now or hereafter acquired
property, real or personal, whether in existence before or after
the Petition Date including, without limitation, accounts
receivable, inventory, machinery and equipment, and the proceeds
and products thereof, to the extent actually used and for the
diminution in value of CAN Capital's collateral. Such replacement
lien will be the same lien as existed as the prepetition valid
liens of record.
(b) The Debtor will make interim monthly adequate protection
payments to CAN Capital in the amount of $1,400.
(c) The Debtor will maintain a separate operating account, where
the Debtor will deposit and maintain all cash and all proceeds of
accounts receivable, inventory, contract rights, and general
intangibles.
(d) In addition to and as a supplement to the foregoing
protections, the Debtor will maintain insurance covering the full
value of all collateral, and will permit on site inspection of such
collateral, policies of insurance, and financial statements,
including monthly operating reports.
A final hearing on the Debtor's motion to use of cash collateral is
scheduled to take place on August 24, 2017 at 10:00 a.m.
A full-text copy of the Order, dated May 25, 2017, is available at
https://is.gd/Rut79T
About Gentlepro Home Health Care
Gentlepro Home Health Care, Inc., filed a Chapter 11 petition
(Bankr. N.D. Ill. Case No. 17-11377). Edith Querubin, President,
signed the petition. The case is assigned to Judge Janet S. Baer.
The Debtor is represented by Joshua D. Greene at the firm of
Springer Brown, LLC. At the time of filing, the Debtor estimated
$50,000 to $100,000 in assets and $100,000 to $500,000 in
liabilities.
GEORGE STREET: Withdraws Bid to Use Cash Collateral
---------------------------------------------------
George Street Investors, LLC, has withdrawn its motion for
authorization from the U.S. Bankruptcy Court for the Northern
District of Illinois to use cash collateral.
About George Street Investors
George Street Investors, LLC, is the owner of real property located
at 2852-56 N. Southport, Chicago, Illinois, and continuing around
the corner to 1411 W. George Street, Chicago, Illinois, consisting
of eight residential apartments and ground floor retail
("Property").
George Street Investors sought Chapter 11 protection (Bankr. N.D.
Ill. Case No. 17-10806) on April 5, 2017, estimating assets and
liabilities in the range of $1 million to $10 million. The
petition was signed by Arthur Holmer, managing member of Weiland
Ventures, LLC.
Judge Timothy A. Barnes is assigned to the case.
The Debtor tapped Scott R Clar, Esq., at Crane, Heyman, Simon,
Welch & Clar, as counsel.
GETCHELL AGENCY: DOJ Watchdog Seeks Ch. 11 Trustee Appointment
--------------------------------------------------------------
William K. Harrington, U.S. Trustee for Region 1, asks the U.S.
Bankruptcy Court for the District of Maine to enter an order
directing the appointment of a Chapter 11 Trustee for The Getchell
Agency, Inc.
According to the U.S. Trustee, cause exists to appoint a Chapter 11
trustee for the Debtor because the State of Maine Department of
Health and Human Services (DHHS) has concluded to terminate the
MaineCare provider agreements. The Debtor has entered into an
agreement with DHHS where the Debtor provides services under the
Maine Medicaid Program.
Further, the U.S. Trustee points out that the Debtor is on the
brink of being barred from participation in the Maine Medicaid
Program, its only source of revenue, under circumstances which
equate to incompetence or gross mismanagement of the affairs of the
Debtor by current management. Whether such conduct is equivalent to
fraud, dishonesty, the U.S. Trustee notes that incompetence would
also be cause for appointment of a trustee.
About The Getchell Agency
Headquartered in Bangor, Maine, The Getchell Agency, aka Getchell
Agency Inc, aka The Getchell Agency Inc, aka Getchell Agency filed
for Chapter 1 bankruptcy protection (Bankr. D. Maine Case No.
16-10172) on March 25, 2016, estimating under $50,000 in assets and
between $1 million and $10 million in liabilities. The petition
was signed by Rena J. Getchell, president.
GNC HOLDINGS: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
------------------------------------------------------------
Egan-Jones Ratings, on May 15, 2017, downgraded the local currency
and foreign currency senior unsecured ratings on debt issued by GNC
Holdings Inc to BB+ from BBB-.
GNC Holdings Inc. is a Pittsburgh, Pennsylvania-based American
commercial enterprise focused on the retail sale of health and
nutrition related products, including vitamins, supplements,
minerals, herbs, sports nutrition, diet, and energy products.
GOLDEN QUEEN: Debt Maturities Raise Going Concern Doubt
-------------------------------------------------------
Golden Queen Mining Co Ltd. filed its quarterly report on Form
10-Q, disclosing a net loss of $2.82 million on $14.80 million of
revenues for the three months ended March 31, 2017, compared with a
net loss of $9.28 million on $nil of revenues for the same period
in 2016.
The Company's balance sheet at March 31, 2017, showed $160.34
million in total assets, $70.13 million in total liabilities,
$26.06 million in redeemable portion of non-controlling interest,
and a stockholders' equity of $64.14 million.
The Company generated $14.8 million in revenues from operations
during the three months ended March 31, 2017. The Company had an
accumulated deficit of $89.8 million and a working capital surplus
of $0.8 million at March 31, 2017.
Golden Queen Mining Co Ltd. expects to have sufficient cash on hand
to meet its corporate general and administrative expenditures for
the next twelve months from the date of the approval of these
condensed consolidated interim financial statements. However, the
Company is required to pay $5.4 million and $3.1 million in accrued
interest and debt principal repayment on January 1, 2018 and April
1, 2018, respectively. The Company will need to receive cash
distributions from GQM LLC to service its debt and such
distributions are contingent on GQM LLC's ability to generate
positive cash flows. This situation raises substantial doubt about
the Company's ability to continue as a going concern.
A copy of the Form 10-Q is available at:
http://bit.ly/2s56XDl
About Golden Queen Mining
Golden Queen Mining Co. Ltd. is engaged in the development and
operation of the Soledad Mountain Project (the Project) located in
the Mojave Mining District, Kern County, California. The
construction phase of the Project was completed in February 2016
and it commenced production in April 2016.
GOLDEN TOUCH: Asks for Court Okay to Use Cash Collateral
--------------------------------------------------------
Golden Touch Commercial Cleaning, LLC, seeks permission from the
U.S. Bankruptcy Court for the Southern District of Alabama to use
cash collateral.
Prior to the filing of this action, the Internal Revenue Service,
issued a levy upon receivables due to Debtor from various sources.
If the Internal Revenue Service levies remain in place the Debtor
will be unable to maintain the operation of its business as a going
concern.
The Debtor requests permission from the Court to allow the
receivables to be paid directly to the Debtor and to allow the
Debtor to use the funds from its receivables in the ordinary course
of business.
The Debtor says that it is in urgent need of funds to continue the
operation of its business and requests this motion be heard on an
emergency basis.
A copy of the Debtor's motion is available at:
http://bankrupt.com/misc/alsb17-01835-6.pdf
Headquartered in Mobile, Alabama, Golden Touch Commercial Cleaning,
L.L.C., filed for Chapter 11 bankruptcy protection (Bankr. S.D.
Ala. Case No. 17-01835) on May 17, 2017, estimating its assets of
up to $50,000 and its liabilities between $100,001 and $500,000.
Robert M. Galloway, Esq., at Galloway Wettermark Everest Rutens &
Gaillard, serves as the Debtor's bankruptcy counsel.
GREAT FALLS DIOCESE: Taps NAI Business to Sell Villa Apartments
---------------------------------------------------------------
The Roman Catholic Bishop of Great Falls, Montana, seeks approval
from the U.S. Bankruptcy Court for the District of Montana to hire
a realtor.
The Debtor proposes to hire Matt Robertson and his firm NAI
Business Properties in connection with the sale of Villa Apartments
located at 1801 10th Avenue South, Great Falls, Montana.
The firm was previously hired by the Debtor to sell the Our Lady of
Guadalupe Church and the Holy Rosary Church and School located in
Billings.
NAI will receive a commission of 6% of the sales price paid, or 5%
if the buyer is represented by Mr. Robertson.
Mr. Robertson disclosed in a court filing that he and his firm are
"disinterested" as defined in section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Matt Robertson
NAI Business Properties
3312 4th Ave. N.
Billings, MT 59101
Phone: (406) 256-5000
Fax: (406) 256-9494
About The Roman Catholic Bishop
of Falls, Montana
The Roman Catholic Bishop of Falls, Montana, a Montana Religious
Corporate Sole, aka Diocese of Great Falls-Billings --
http://www.dioceseofgfb.org/-- filed a Chapter 11 bankruptcy
petition (Bankr. D. Mont. Case No. 17-60271) on March 31, 2017.
In its petition, the Debtor listed $20.75 million in total assets
and $14.78 million in total liabilities. The petition was signed
by Michael W. Warfel, Bishop.
The Hon. Benjamin P. Hursh presides over the case. Bruce Alan
Anderson, Esq., at Elsaesser Jarzabek Anderson Elliott & MacDonald,
CHTD.; and Gregory J. Hatley, Esq., at Davis Hatley Haffeman &
Tighe PC, serve as counsel to the Debtor.
An official committee of unsecured creditors has been appointed in
the Debtor's case. The committee hired Pachulski Stang Ziehl &
Jones LLP as its bankruptcy counsel.
GRIER BROS: Asks for Court Authorization to Use Cash Collateral
---------------------------------------------------------------
Grier Bros. Enterprises, Inc., seeks permission from the U.S.
Bankruptcy Court for the Northern District of Georgia to use cash
collateral.
There are several outstanding liens and claims against the Debtor's
assets. The Debtor has not made any determination as to the
validity, priority and extent of the liens asserted by its secured
creditors and reserves all rights to review and challenge the
liens. Moreover, the listing of the asserted liens is not
intended, and should not be construed as, an admission of the
Debtor of the priority of liens; instead, the Debtor is simply
listing asserted liens against its assets in the chronological
order in which they were filed.
First, the Internal Revenue Service has filed three liens against
the Debtor's assets as follows: (a) lien dated June 19, 2013, in
the amount of $210,317; (b) lien dated Feb. 14, 2014, in the amount
of $92,685; and (c) lien dated May 12, 2014, in the amount of
$3,662. Prior to the Petition Date, the Debtor attempted to
settle, resolve and satisfy its tax obligations to the IRS and made
payments to the IRS. The Debtor is still in the process of
attempting to determine the extent to which the amounts claimed in
the IRS Liens remain due.
Second, on Nov. 18, 2014, the Gamishment Plaintiff recorded a
judgment against the Debtor in the principal amount of $195,4288 in
connection with a default judgment entered against the Debtor. The
Debtor has directed its bankruptcy counsel to review and
investigate this judgment, which the Debtor believes was improperly
entered against it, and the Debtor reserves all rights it may have
to challenge and seek to avoid this judgment. The Gamishment
Plaintiff has retained counsel in this case and her counsel has
appeared and requested all notices in the case.
Third, the Debtor financed its purchase of six separate vehicles
through Commercial Credit Group Inc. and executed six separate
commercial purchase-money promissory notes as follows:
Note Date Face Amt. of Note Balance as of 4-13-17
--------- ----------------- ---------------------
10-8-15 $216,480 $134,355.17
4-8-16 $438,060 $300,734.93
5-20-16 $441,000 $312,359.61
10-10-16 $210,480 $155,850.66
10-19-16 $132,804 $105,474.19
1-16-17 $210,960 $165,057.81
In connection with each of the CCG Notes, the Debtor also executed
security agreements pursuant to which the Debtor granted CCG
security interests in and upon the six specific vehicles financed
by CCG as well as general security interests on all other
equipment, fixtures, general intangibles, goods, instruments,
inventory, securities, deposit accounts, investment property and
all other property of whatever nature and kind, wherever located.
CCG filed six separate UCC-l Financing Statements in connection
with each of the Notes and its asserted liens against the CCG
General Collateral. CCG asserts that the obligations on the Notes
are cross-collateralized. CCG has retained counsel in this case
and its counsel has appeared and requested all notices in this
case.
In addition, the Debtor has entered into financing agreements for
particular pieces of equipment and trucks; however, the IRS Liens,
the Judgment Lien and the CCG Liens are the only liens asserted
against the Debtor which may broadly encumber the Debtor's assets,
including the Debtor's accounts receivable, cash and proceeds
thereof.
The Debtor's accounts receivable, cash and proceeds thereof may
therefore constitute "cash collateral" of the Pre-Petition
Lienholders.
Unless authorized to use the Cash Collateral in the ordinary course
of business, the Debtor's operations will be impaired and the
Debtor's ability to reorganize will be jeopardized. Indeed, if the
Debtor does not obtain permission to use cash collateral it will be
required to cease all operations and terminate its work force.
At present, the Debtor intends to reorganize its business affairs
during the course of this Chapter 11 case and to emerge from
Chapter 11. The Debtor's business problems which led to the filing
of this case arise primarily from the Judgment Lien and Tax Liens,
which the Debtor intends to address in this bankruptcy case and
through a Plan of Reorganization. The Budget reflects the Debtor's
current intentions to continue to operate its business largely as
it had pre-petition.
With respect to CCG, the Debtor has retained possession of the CCG
Equipment Collateral and seeks to continue to use CCG Equipment
Collateral in the operation of its business. CCG has advised the
Debtor that it asserts that the value of the CCG Equipment
Collateral is and will depreciate during the Debtor's post-petition
use of the CCG Equipment Collateral and has advised the Debtor that
CCG is entitled to adequate protection payments for Debtor's
continued use of the Equipment Collateral.
The Debtor has not identified any vehicles or equipment which it
wishes to abandon or return to any lender and, accordingly, the
Budget proposes to continue to make monthly debt service or lease
payments to all of its vehicle and equipment lenders, including
CCG, in accordance with existing agreements.
As adequate protection for any interests the Pre-Petition
Lienholders may have in cash collateral, the Debtor proposes that
the Pre-Petition Lienholders be granted a security interest in and
lien upon Debtor' post-petition accounts receivable and proceeds to
the same validity, extent and priority as their respective
pre-petition liens and interests and the continuation of any lien
and security interest held by the Pre-Petition Lienholders.
As adequate protection for CCG's asserted liens and claims, the
Debtor proposes to make full monthly post-petition payments to CCG
(in the aggregate amount of $28,445 per month), which payments will
be due on the dates set forth in the respective CCG Notes. In
addition, the Debtor will maintain insurance on the CCG Equipment
Collateral as is required under the CCG Security Agreements with
one or more insurance companies, and shall name CCG as a loss payee
on the insurance policies to the extent it is not already named as
such. The Debtor will provide CCG with written evidence of
adequate insurance upon request for same.
A copy of the Debtor's request and budget is available at:
http://bankrupt.com/misc/ganb17-56817-25.pdf
About Grier Bros. Enterprises
Based in Atlanta, Georgia, Grier Bros. Enterprises, Inc., provides
trucking or transfer services.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ga. Case No. 17-56817) on April 13, 2017. The
petition was signed by Wayne Grier, president.
Herbert C. Broadfoot, II, Esq., at Herbert C. Broadfoot II, PC,
serves as the Debtor's bankruptcy counsel.
At the time of the filing, the Debtor estimated its assets and
debts at $1 million to $10 million.
GROTE MOLEN: Sale of Home Grain Mill Business Completed March 31
----------------------------------------------------------------
Grote Molen, Inc. completed on March 31, 2017, the sale of
substantially all the assets, other than cash, used in or
connection with the Company's home grain mill and kitchen mixer
business to John Hofman and Bruce Crane, former officers and
directors of the Company, in consideration for the assumption by
those persons of substantially all the liabilities incurred by the
Company in connection with such business and their agreement to
indemnify and defend the Company against any losses actually
incurred or suffered by the Registrant relating to or arising out
of such business.
As disclosed in a Form 8-K report filed with the Securities and
Exchange Commission on May 22, 2017, the assets acquired consisted
of the non-cybersecurity assets of the Company and included
accounts receivable, inventory, deposits, property and equipment
and intangible assets. The liabilities assumed included the
non-cybersecurity liabilities of the Company and included accounts
payable and accrued expenses and long and short-term notes payable
and accrued interest. The new Board of Directors of the Company,
all of whom were disinterested with regard to the transaction,
unanimously approved the transaction in a board meeting held on
March 27, 2017, as it allows the Company to focus all of its
energies on the cybersecurity business acquired as part of its
recent merger with BlackRidge Technology Holdings, Inc.
The sale was effected pursuant to an Asset Purchase Agreement,
dated as of March 31, 2017, among the Company, as the seller, and
John Hofman and Bruce Crane as the purchaser.
A copy of the Asset Purchase Agreement Among the Company and John
Hofman and Bruce Crane dated as of March 31, 2017, is available for
free at https://is.gd/1TXenL
About Grote Molen
Headquartered in Reno, Nev., Grote Molen, Inc., distributes
electrical and hand operated grain mills and related accessories
for home use. The Company's products are available in electric and
manual models and are used to grind wheat, rice and other small
grains. Grote sell its grain mills on a wholesale basis to retail
dealers in all states in the United States.
Grote Molen reported a net loss of $259,447 on $1.01 million of
total revenues for the year ended Dec. 31, 2016, compared to a net
loss of $52,120 on $1.53 million of total revenues for the year
ended in 2015.
As of March 31, 2017, Grote Molen had $8.37 million in total
assets, $21.17 million in total liabilities, and a total
stockholders' deficit of $12.80 million.
Pritchett, Siler & Hardy, P.C., issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2016, stating that the Company has incurred losses
and negative cash flows from operations. These factors raise
substantial doubt about the ability of the Company to continue as a
going concern.
GROW CONDOS: Reports $119,400 Net Loss for Third Quarter
--------------------------------------------------------
Grow Condos, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $119,411 on $26,801 of net revenues for the three months ended
March 31, 2017, compared to a net loss of $103,622 on $29,084 of
net revenues for the same period a year ago.
For the nine months ended March 31, 2017, the Company reported a
net loss of $935,845 on $85,968 of net revenues compared to a net
loss of $239,484 on $89,650 of net revenues for the nine months
ended March 31, 2016.
As of March 31, 2017, Grow Condos had $2.57 million in total
assets, $3.04 million in total liabilities and a total
stockholders' deficit of $466,550.
At March 31, 2017, the Company had cash on hand of $79,042.
According to the Company, this is sufficient to sustain its day to
day operations for approximately 60 days. It is not likely that
operating revenues will increase in the near future to a sufficient
extent to cover the operating expenses of the Company. Therefore,
the Company said, it will be necessary to obtain additional capital
from the sale of equity or debt securities to continue operations
beyond 60 days.
Management believes in the future of the Company and in its ability
to grow its business and to raise capital as needed until such time
as the business operations of the Company become self-sustaining.
In their report dated Sept. 6, 2016, the Company's independent
registered public accounting firm John Scrudato CPA, in
Califon, New Jersey, included an emphasis-of-matter paragraph with
respect to the Company's financial statements for the period from
July 1, 2015, to June 30, 2016, concerning the Company's assumption
that it will continue as a going concern. The Company's ability to
continue as a going concern is an issue raised as a result of the
Company operating with an industry that is illegal under federal
law, the Company has yet to achieve profitable operations, the
Company has a significant accumulated deficit and are dependent on
its ability to raise capital from stockholders or other sources to
sustain operations and to ultimately achieve viable profitable
operations. These factors raise substantial doubt about the
Company's ability to continue as a going concern.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/EMeOxw
About Grow Condos
Grow Condos, Inc., operates as a real estate purchaser, developer,
and manager of specific use industrial properties in the United
States. The company provides condo type turn-key grow facilities
to support cannabis growers. It is also involved in the
development, lease, ownership, and provision of investment sales
opportunities for commercial industrial properties focused in the
cannabis production arena. The company is based in Eagle Point,
Oregon.
Grow Condos reported a net loss of $1.49 million on $118,533 of
total revenues for the year ended June 30, 2016, compared to a net
loss of $251,338 on $54,998 of total revenues for the year ended
June 30, 2015.
GYMBOREE CORP: Daniel Griesemer Named Chief Executive Officer
-------------------------------------------------------------
The Gymboree Corporation announced that effective May 22, 2017,
Daniel J. Griesemer has been appointed to serve as chief executive
officer and a member of the Board of Directors of the Company. Mr.
Griesemer is 57 years old and has not previously held any position
or office with the Company.
The Board of Directors has concluded Mr. Griesemer should serve as
a director because his role as the president and chief executive
officer will allow him to act as a bridge between management and
the Board of Directors to help ensure that both groups act with a
common purpose.
Mr. Griesemer succeded Mark Weikel who ceased to serve as interim
chief executive Officer on May 22, 2017. Mr. Weikel will continue
to serve as a member of the Board of Directors of the Company.
Mr. Griesemer will join Gymboree from Tilly's, Inc., a destination
youth culture specialty retailer of casual apparel, footwear and
accessories for young men, young women, boys and girls, where he
most recently served as president and chief executive officer from
February 2011 through October 2015. Mr. Griesemer previously
served as president, chief executive officer at Coldwater Creek,
Inc., a publicly traded national specialty retailer, from October
2007 through September 2009. Prior to that, Mr. Griesemer served
as Coldwater Creek, Inc.'s president and chief operating officer
from March 2007 through October 2007, its executive vice president
of sales and marketing from January 2005 through March 2007, its
executive vice president of Retail from April 2004 through January
2005 and its senior vice president of retail from October 2001
through April 2004. From 1989 through 2000, Mr. Griesemer held a
number of progressively more responsible positions with Gap, Inc.,
and ultimately served as divisional merchandise manager for Gap,
Inc. From 1983 to 1989, Mr. Griesemer worked in a variety of
positions at Macy's, Inc. Mr. Griesemer holds a Bachelor of Science
degree in Business Administration from the University of Dayton.
Mr. Griesemer served on Coldwater Creek's board from October 2007
through September 2009 and Tilly's board from April 2011 through
October 2015. Mr. Griesemer brings to the Board of Directors
extensive experience and demonstrated leadership capabilities,
including leadership of a public company in the retail industry.
The terms of Mr. Griesemer's employment will be governed by an
employment agreement entered into with the Company on May 18, 2017.
The Agreement is for a one-year term that will be extended
automatically for an additional consecutive 12-month period, unless
and until the Company or Mr. Griesemer gives notice of election of
non-renewal. The Agreement provides Mr. Griesemer with an annual
salary of $950,000 and an annual cash incentive bonus with a target
of 100% and a maximum of 200% of his annual base salary. On the
Effective Date, Mr. Griesemer will receive a non-equity incentive
bonus of $660,647, which represents 100% of the target bonus for
2018, prorated from May 22, 2017, through
Feb. 3, 2018. Mr. Griesemer will be required to repay the
non-equity incentive bonus to the Company if his employment is
terminated by the Company for cause or if he resigns without good
reason within one year of the Effective Date. In addition, Mr.
Griesemer is entitled to a one-time signing bonus in the aggregate
amount of $290,000 payable on the Effective Date, which he will be
required to repay to the Company if his employment is terminated by
the Company for cause or if he resigns without good reason within
one year of the Effective Date.
In the event that Mr. Griesemer's employment is terminated without
cause or if he resigns for good reason, subject to the execution of
a release in favor of the Company and compliance with the
restrictive covenants, he will be entitled to receive severance in
an aggregate amount equal to the sum of: (i) his base salary
through the date of termination and any amounts due or owing to him
under any employee benefit plan; (ii) a pro rata portion of his
Bonus that he would have earned absent such termination; (iii) a
cash sum equal to (x) the product of two and his salary and (y) the
product of four and his annual target bonus, which is of 100% of
his annual salary for the relevant performance period; and (iv)
continued health benefits for the 24-month period following his
termination. If Mr. Griesemer's employment is terminated due to
death or disability, he will be entitled to receive the Accrued
Benefits. All bonus-related amounts are payable within 30 days of
the end of the applicable bonus period.
Under the terms of the Agreement, Mr. Griesemer will be obligated
not to solicit Company employees during and for 24 months following
the termination of his employment with the Company and not to
disclose confidential and proprietary information during and
following his employment.
In accordance with the Company's customary practice, the Company is
expected to enter into an indemnification agreement with Mr.
Griesemer, which would require the Company to indemnify him against
certain liabilities that may arise in connection with his status or
service as an officer. The indemnification agreement also would
provide for an advancement of expenses incurred by Mr. Griesemer in
connection with any proceeding relating to his status as an
officer.
There is no arrangement or understanding between Mr. Griesemer and
any other person pursuant to which Mr. Griesemer was selected as
the Company's chief executive officer. There are no existing or
currently proposed transactions to which the Company or any of its
subsidiaries is a party and in which Mr. Griesemer has a direct or
indirect material interest. There are no family relationships
between Mr. Griesemer and any of the directors or officers of the
Company or any of its subsidiaries.
About The Gymboree Corporation
San Francisco-based The Gymboree Corporation's specialty retail
brands offer unique, high-quality products delivered with
personalized customer service. As of Oct. 29, 2016, the Company
operated a total of 1,300 retail stores: 591 Gymboree stores (541
in the United States, 49 in Canada and 1 in Puerto Rico), 174
Gymboree Outlet stores (173 in the United States and 1 in Puerto
Rico), 150 Janie and Jack shops (149 in the United States and 1 in
Puerto Rico), and 385 Crazy 8 stores in the United States. The
Company also operates online stores at http://www.gymboree.com/,
http://www.janieandjack.com/and http://www.crazy8.com/
On Nov. 23, 2010, Gymboree Corp completed a merger with Giraffe
Acquisition Corporation in accordance with an Agreement and Plan of
Merger with Giraffe Holding, Inc. ("Parent"), and Acquisition Sub,
a wholly owned subsidiary of Parent, with the Merger funded through
a combination of debt and equity financing. The Company is
continuing as the surviving corporation and a 100%-owned indirect
subsidiary of the Parent. Investment funds sponsored by Bain
Capital Private Equity, LP (formerly Bain Capital Partners, LLC)
indirectly owned a controlling interest in Parent.
Gymboree Corp reported a net loss attributable to the Corporation
of $10.17 million for the year ended Jan. 30, 2016, compared to a
net loss attributable to the Corporation of $574.10 million for the
year ended Jan. 31, 2015.
As of Jan. 28, 2017, Gymboree had $755.49 million in total assets,
$1.36 billion in total liabilities and a total deficit of $609.14
million.
* * *
In January 2017, S&P Global Ratings lowered its corporate credit
rating on The Gymboree Corp. to 'CC' from 'CCC+'. The outlook is
negative. "The downgrade reflects significant near-term
refinancing requirements, limited liquidity, and continuing weak
operating performance. We expect further profitability erosion in
the upcoming quarters and we believe the company could announce a
distressed debt restructuring transaction over the next two
quarters," said credit analyst Samantha Stone.
As reported by the TCR on Nov. 7, 2016, Moody's Investors Service
downgraded The Gymboree Corporation's Corporate Family Rating to
'Caa3' from 'Caa1' and Probability of Default Rating to 'Caa3-PD'
from 'Caa1-PD'. The downgrade of the Corporate Family Rating to
Caa3 reflects Gymboree's weak operating performance and
deteriorating liquidity. Net sales and EBITDA fell 4% and 49%,
respectively, in the quarter ended July 30, 2016 due to weak
customer traffic and margin pressure from inventory clearance
activity.
HALT MEDICAL: Has Court's Nod to Use Cash Collateral
----------------------------------------------------
The Hon. Laurie S. Silverstein of the U.S. Bankruptcy Court for the
District of Delaware entered a final court order approving Halt
Medical, Inc.'s use of cash collateral.
As reported by the Troubled Company Reporter on April 24, 2017, the
Court entered an interim order authorizing the Debtor to use $1.5
million of the up to $4,160,000 debtor-in-possession financing from
Acessa DipCo LLC, at any time outstanding on a senior secured and
superpriority basis. The final hearing to consider the Motion was
set for May 3, 2017, at 10:00 a.m. The Lender was granted first
priority perfected security interests in and liens on all of the
Debtor's personal property and all of the Debtor's real property
and fixtures.
About Halt Medical Inc.
Halt Medical, Inc., sought bankruptcy protection (Bankr. D. Del.
Case No. 17-10810) on April 12, 2017. Kimberly Bridges-Rodriguez,
president and CEO, signed the petition. Judge Laurie S.
Silverstein presides over the case. At the time of the filing, the
Debtor estimated $1 million to $10 million in assets and $100
million to $500 million in liabilities.
The Debtor is represented by Steven K. Kortanek, Patricia A.
Jackson and Joseph N. Argentina Jr. of Drinker Biddle & Reath LLP,
and Robert L. Eisenbach III and Michael Klein of Cooley LLP.
Canaccord Genuity Inc. serves as investment banker, and Donlin,
Recano & Company, Inc., is the claims and noticing agent.
The U.S. Trustee has been unable to form an official unsecured
creditors committee in the case.
HELIX ENERGY: Egan-Jones Raises Sr. Unsecured Debt Ratings to B-
----------------------------------------------------------------
Egan-Jones Ratings, on May 12, 2017, raised the local currency and
foreign currency senior unsecured ratings on debt issued by Helix
Energy Solutions Group Inc. to B- to CCC. EJR also raised the
local currency and foreign currency ratings on commercial paper
issued by the Company to B from C.
Helix Energy Solutions Inc., known as Cal Dive International prior
to 2006, is an American oil and gas services company headquartered
in Houston, Texas.
HI-CRUSH PARTNERS: S&P Affirms 'B-' CCR & Alters Outlook to Stable
------------------------------------------------------------------
S&P Global Ratings revised its rating outlook on Hi-Crush Partners
L.P. to stable from negative and affirmed its 'B-' corporate credit
rating on the company.
S&P also affirmed the 'B' issue-level rating on the company's
senior secured debt. The recovery rating on the debt is '2',
indicating S&P's expectation for substantial recovery (70% to 90%;
rounded estimate: 80%) in the event of payment default.
"Our forecasts for Hi-Crush anticipate improving financial
performance for 2017 and 2018, driven by the ongoing recovery in
the oil and gas end markets," said S&P Global Ratings credit
analyst Patricia Mendonca. Oil prices have risen from an average
of about $43 per barrel in 2016 to an average of $52 per barrel for
the first quarter of 2017, with the S&P Global Ratings full year
forecast at $50 per barrel. S&P also expect utilization of sand
per well to increase for the year. These factors are contributing
to increasing demand and higher prices for frac sand.
The stable outlook reflects S&P's view that the frac sand industry
is on the path to recovery given increased oil prices and drilling
activity. As such, S&P expects Hi-Crush's credit measures will
improve over the next 12 months; specifically, S&P expects debt to
EBITDA in the 3x-4x range and FFO to debt in the 20%-30% range.
S&P could lower its rating for Hi-Crush if the company's financial
commitments appeared to be unsustainable in the long term,
including if EBITDA interest coverage fell below 1x. This could be
the result of a significant and protracted drop in frac sand prices
and demand, such that adjusted EBITDA were to drop below $25
million for 2017.
It is unlikely that S&P would raise the rating in the next 12
months given the current volatility in Hi-Crush's operating
environment. However, S&P could consider a positive rating action
if it expected the company to sustain leverage below 2x. This
would be achieved by maintaining EBITDA in the $180 million to $220
million range, which could occur in the longer term if prices or
volumes rose meaningfully from current levels.
HOOPER HOLMES: WH-HH Hikes Stake to 49.1% Stake After Provant Deal
------------------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, WH-HH Holdings, LLC, Century Focused Fund III, L.P.,
CCP Focused III, L.P., CCP Focused III, LLC, Davis R. Fulkerson,
Frank R. Bazos, Charles L. Kline, David C. Sherwood and Stephen
Marquardt disclosed that as of May 11, 2017, they beneficially own
12,519,259 shares of common stock of Hooper Holmes, Inc.
representing 49.1% of the common shares outstanding.
On May 11, 2017, in connection with the acquisition by Hooper
Holmes of Provant Health Solutions, LLC, WH entered into a
Securities Purchase Agreement among the Company, WH and certain
other purchasers, pursuant to which WH acquired 2,187,500 shares of
Common Stock and certain warrants to acquire additional Common
Stock at a purchase price of $0.80 per share. In addition, WH
acquired 10,331,759 shares as merger consideration in connection
with the acquisition of Provant by the Company as further described
in the Company's Form 8-K filed on March 8, 2017. As of May 17,
2017, WH holds a total of 12,519,259 shares of Hooper Holmes'
Common Stock.
The working capital of WH was the source of the funds for the
purchase of the Securities. No part of the purchase price of the
Securities was represented by funds or other consideration borrowed
or otherwise obtained for the purpose of acquiring, holding,
trading or voting the Securities.
WH acquired the Securities for investment purposes. Depending on
market conditions, its continuing evaluation of the business and
prospects of the Issuer and other factors, WH and other Reporting
Persons may dispose of or acquire additional shares of the Issuer,
WH disclosed in the regulatory filing with the SEC.
A full-text copy of the regulatory filing is available at:
https://is.gd/9Z8no6
About Hooper Holmes
Hooper Holmes, Inc., provides health risk assessment services and
wellness as well as health improvement services with its
acquisition of Accountable Health Solutions, Inc. (AHS). The
Olathe, Kansas-based Company provides these services to individuals
as part of health and wellness programs offered through corporate
and government employers, and to clinical research organizations.
Hooper Holmes reported a net loss of $10.32 million on $34.27
million of revenues for the year ended Dec. 31, 2016, compared to a
net loss of $10.87 million on $32.11 million of revenues for the
year ended Dec. 31, 2015. As of March 31, 2017, Hooper Holmes had
$13.60 million in total assets, $18.25 million in total
liabilities, and a total stockholders' deficit of $4.65 million.
Mayer Hoffman McCann P.C., in Kansas City, Missouri, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2016, citing that the
Company has suffered recurring losses from operations, negative
cash flows from operations and other related liquidity concerns,
which raises substantial doubt about the Company's ability to
continue as a going concern.
HPE TRANSPORTATION: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: HPE Transportation, LLC
12547 Warwick Blvd.
Newport News, VA 23606
Case No.: 17-50784
Business Description: HPE Transportation is a privately held
company in Newport News, VA, engaged in the
business of freight forwarding.
Chapter 11 Petition Date: May 26, 2017
Court: United States Bankruptcy Court
Eastern District of Virginia (Newport News)
Judge: Hon. Frank J. Santoro
Debtor's Counsel: Joseph T. Liberatore, Esq.
CROWLEY, LIBERATORE, RYAN & BROGAN, P.C.
Town Point Center, Suite 300
150 Boush Street
Norfolk, VA 23510
Tel: 757-333-4500
Fax: 757-333-4501
E-mail: jliberatore@clrbfirm.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Paul Meiseles, manager/sole member.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/vaeb17-50784.pdf
HYPNOTIC TAXI: Owner Sues Accountants for Malpractice
-----------------------------------------------------
Bryan Koenig of Bankruptcy Law360 reports that taxi mogul Evgeny
Freidman has filed a state court lawsuit accusing his accountants,
Getzel Schiff & Pesce LLP and CPA Jeffrey Getzel, of professional
malpractice, negligence, breached fiduciary responsibilities,
business relations interference, fraud and conspiracy.
Among other things, Mr. Freidman said the accountants shared
information with others they weren't supposed to, according to
Law360.
The case is Evgeny Freidman v. Getzel Schiff & Pesce LLP et al.,
case number 154619/2017, in the Supreme Court of the State of New
York, County of New York.
About Hypnotic Taxi
Hypnotic Taxi LLC and 21 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. E.D.N.Y. Lead Case No. 15-43300) on
July 22, 2015. The petition was signed by Evgeny Freidman as sole
and managing member.
Klestadt Winters Jureller Southard & Stevens LLP serves as the
Debtors' counsel. Judge Carla E. Craig presides over the case.
The Debtors each own either two or three medallions issued by the
New York City Taxi and Limousine Commission that permit taxi
services to be performed by the Debtors.
Hypnotic Taxi LLC disclosed total assets of $1,941,314 and total
liabilities of $2,825,401 as of the Petition Date.
The U.S. Trustee for Region 2 appointed three creditors to serve
on the official committee of unsecured creditors. The Committee
tapped White & Williams LLP as counsel and EisnerAmper as its
accountants and financial advisors.
According to Reuters, the cases were converted to a Chapter 7
liquidation on Sept. 22, 2016 after Freidman failed to produce a
realistic reorganization plan and then attempted to publicly
abandon the cabs outside the Queens office of creditor Citibank.
IDDINGS TRUCKING: Taps Thomas Giusti as Consultant
--------------------------------------------------
Iddings Trucking, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Ohio to hire a consultant.
The Debtor proposes to hire Thomas Giusti, a certified public
accountant, to provide these services:
(a) "Hands on" assistance to the Debtor in preparing internal
financial statements and developing and implementing
internal fiscal controls to track costs against budgets;
(b) formulating strategies for the reorganization of the
Debtor's financial affairs; and
(c) preparing long-range financial forecasts to assist the
Debtor and counsel in the feasibility analysis of any
proposed reorganization plan.
Mr. Giusti will charge an hourly fee of $175 for his services.
In a court filing, Mr. Giusti disclosed that he is a "disinterested
person" as defined in section 101(14) of the Bankruptcy Code.
Mr. Giusti maintains an office at:
Thomas P. Giusti, CPA
1763 Hickory Hill Dr.
Columbus, OH 43228
Tel: (614) 571-2039
Email: tpgiusti@gmail.com
About Iddings Trucking
Iddings Trucking, Inc., provides commercial trucking services.
Iddings has been in business for more than 50 years; it was founded
in 1966.
The Debtor filed a Chapter 11 petition (Bankr. S.D. Ohio Case
No. 16-58202) on Dec. 30, 2016. The petition was signed by
George C. Loeber, president. The case is assigned to Judge
Kathryn C. Preston. The Debtor estimated assets and
liabilities at $1 million to $10 million.
The Debtor is represented by John W. Kennedy, Esq. and Myron N.
Terlecky, Esq., at Strip Hoppers Leithart McGrath & Terlecky Co.,
LPA. The Debtor employed Mulligan, Topy & Co. as accountant.
No trustee, examiner or statutory committee has been appointed in
the Debtor's case.
INTERPACE DIAGNOSTICS: Proposes Public Offering of Common Shares
----------------------------------------------------------------
Interpace Diagnostics Group, Inc., filed a Form S-1 registration
statement with the Securities and Exchange Commission in connection
with the proposed offering of an undetermined shares of of its
common stock. The Company is also offering to each purchaser whose
purchase of shares of common stock in this offering would otherwise
result in the purchaser, together with its affiliates and certain
related parties, beneficially owning more than 4.99% of its
outstanding common stock immediately following the consummation of
this offering, the opportunity to purchase, if the purchaser so
chooses, pre-funded warrants, in lieu of shares of common stock
that would otherwise result in the purchaser's beneficial ownership
exceeding 4.99% of the Company's outstanding common stock. Subject
to limited exceptions, a holder of pre-funded warrants will not
have the right to exercise any portion of its pre-funded warrants
if the holder, together with its affiliates, would beneficially own
in excess of 4.99% (or, at the election of the holder, 9.99%) of
the number of shares of common stock outstanding immediately after
giving effect to such exercise. Each pre-funded warrant will be
exercisable for one share of the Company's common stock. The
purchase price of each pre-funded warrant will equal the price per
share at which the shares of common stock are being sold to the
public in this offering, minus $0.01, and the exercise price of
each pre-funded warrant will be $0.01 per share. This offering
also relates to the shares of common stock issuable upon exercise
of any pre-funded warrants sold in this offering. For each
pre-funded warrant the Company sells, the number of shares of
common stock the Company is offering will be decreased on a
one-for-one basis. The shares of common stock and pre-funded
warrants can only be purchased together in this offering but will
be issued separately and will be immediately separable upon
issuance.
The Company's common stock is listed on The Nasdaq Capital Market
under the symbol "IDXG". The closing price of the Company's common
stock on May 17, 2017, as reported by The Nasdaq Capital Market,
was $2.35 per share. The public offering price per share of common
stock and any pre-funded warrant will be determined between the
Company and the underwriter at the time of pricing, and may be at a
discount to the current market price. There is no established
public trading market for the pre-funded warrants, and the Company
does not expect a market to develop. In addition, the Company does
not intend to apply for a listing of the pre-funded warrants on any
national securities exchange.
A full-text copy of the preliminary prospectus is available at:
https://is.gd/JKmPYa
About Interpace Diagnostics
Headquartered in Parsippany, New Jersey, Interpace Diagnostics
Group, Inc., is focused on developing and commercializing
molecular diagnostic tests principally focused on early detection
of high potential progressors to cancer and leveraging the latest
technology and personalized medicine for patient diagnosis and
management. The Company currently has four commercialized
molecular tests: PancraGen, a pancreatic cyst molecular test that
can aid in pancreatic cyst diagnosis and pancreatic cancer risk
assessment utilizing the Company's proprietary PathFinder platform;
ThyGenX, which assesses thyroid nodules for risk of
malignancy, ThyraMIR, which assesses thyroid nodules risk of
malignancy utilizing a proprietary gene expression assay.
Interpace reported a net loss of $8.33 million on $13.08 million of
net revenue for the year ended Dec. 31, 2016, compared with a net
loss of $11.35 million on $9.43 million of net revenue for the year
ended Dec. 31, 2015. As of March 31, 2017, the Company had $46.97
million in total assets, $22.40 million in total liabilities and
$24.56 million in total stockholders' equity.
BDO USA, LLP, in Woodbridge, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2016, citing that the Company has suffered recurring
losses from continuing operations that raise substantial doubt
about its ability to continue as a going concern.
J.G. NASCON: Aguilera Buying Volvo EC150 Excavator for $23K
-----------------------------------------------------------
J.G. Nascon, Inc., asks the U.S. Bankruptcy Court for the Eastern
District of Pennsylvania to authorize the sale of Volvo EC150
Excavator, s/n 150C03049, to Isidro Aguilera from Polaris Farms LC
for $23,000.
In 2012, the Debtor purchased the Volvo with an estimated value of
approximately $23,000.
Prior to the Filing Date, M&T Bank ("Lender") made various loans to
the Debtor, including to finance the purchase of the Volvo.
The Lender claims a first position, blanket lien on all of the
Debtor's assets, tangible and intangible, including the Volvo,
pursuant to these loan documents:
a. The Line of Credit - On June 26, 2013, the Fourth A&R
Note was amended and restated in its entirety by that certain
Amended and Restated Revolving Demand Note in the original
principal amount of $3,350,000 dated June 26, 2013, which was
subsequently amended through Jan. 15, 2014.
b. The 2012 Term Loan - On July 27, 2012, the Lender made
a term loan to the Debtor in the original principal amount of
$300,000 evidenced by a loan agreement and term note of the same
date.
c. The 2013 Term Loan - On Oct. 1, 2013, the Lender made
a term loan to the Defendant in the original principal amount of
$750,000 evidenced by a loan agreement and term note of the same
date.
In September 2014, the Lender confessed judgment against the Debtor
in the amount of $4,321,207 in the Court of Common Pleas of
Delaware County, Pennsylvania. That judgment was subsequently
opened and subject to litigation as of the Filing Date. As of the
Filing Date, the Debtor owned, and continues to own, the Volvo.
The Debtor seeks to sell the Volvo to the Buyer for a total
purchase price of $23,000. The closing on the Purchase Offer and
subsequent agreement of sale will occur within five days after the
Court approves the same. The Purchase Offer contemplates the sale
of the Volvo to the Buyer for the Purchase Price. The Buyer is
unrelated to the Debtor or any of the Debtor's affiliates,
officers, or agents. The Debtor intends to negotiate and finalize
an agreement of sale prior to the Sale Hearing requested and submit
the same for approval.
The Debtor and the Lender have agreed to a distribution of the sale
proceeds. The sale proceeds will fund adequate protection payments
to the Lender.
The Lender has advised the Debtor that the Lender will consent to
the sale of the Volvo provided that the Lender receives, upon the
closing of the sale, the total of $17,250 for the Volvo ("Sale
Payment"). The Sale Payment will be applied as follows: (i) the
sum of $626 to pay the balance of the adequate protection payment
that was due in March 2017 and which has not been paid; (ii)
$13,751 to pay three adequate protection payments of $4,584 for the
months of May 2017, June 2017 and July 2017 and which will result
in the Debtor not having to make adequate protection payments in
May 2017, June 2017 and July 2017; and (iii) the sum of $2,873, as
partial payment of the adequate protection payment that will be due
in August 2017.
In the event that the sale of the Volvo to Buyer is not approved or
does not close, nothing in the Motion or the Order will alter or
relieve Debtor of its obligation to make all adequate protection
payments to the Lender when due in accordance with the terms of any
cash collateral order entered by the Court.
The Debtor avers that, with the sale of the Volvo, the Debtor's
estate will receive a total of $5,750 to assist in its
reorganization efforts.
The Debtor submits that the decision to sell the Volvo is based
upon its sound business judgment and should be approved. Its
operations will not be diminished by the sale of the Volvo.
Moreover, the Debtor feels that the distribution to its Lender and
the monies remaining will significantly assist it in its plan for
reorganization. It thus believes that the sale of the Volvo will
provide the best result for its estate and creditors. Accordingly,
the Debtor asks the Court to approve the sale of the Volvo to the
Buyer free and clear of any and all liens, claims, encumbrances and
interests.
About J.G. Nascon
J.G. Nascon, Inc., is a heavy and highway construction property
located in Eddystone, Pennsylvania, providing full-service site
contracting to the tri-state region. As of Dec. 4, 2015, the
company has approximately 25 employees.
J.G. Nascon, Inc., sought Chapter 11 protection (Bankr. E.D. Pa.
Case No. 15-18704) on Dec. 4, 2015, in Philadelphia. The Debtor
estimated $1 million to $10 million in assets and debt.
The Debtor tapped Albert A. Ciardi, III, Esq., and Jennifer E.
Cranston, Esq., at Ciardi Ciardi & Astin, P.C., as attorneys.
JACK COOPER: Exchange Offers Expiring May 31 After 3rd Extension
----------------------------------------------------------------
Jack Cooper Enterprises, Inc., and Jack Cooper Holdings Corp.
announced a third extension of the cash tender offer to purchase
any and all of the JCEI 10.50%/ 11.25% Senior PIK Toggle Notes due
2019 and exchange offer for any and all of the JCHC 9.25% Senior
Secured Notes due 2020 for cash and warrants to purchase shares of
non-voting common stock of JCEI. The Offers are now scheduled to
expire at 5:00 p.m., New York City time, on Wednesday, May 31,
2017, unless further extended or earlier terminated in accordance
with the offer to purchase and offering memorandum.
As of 5:00 p.m., New York City time, on May 19, 2017, 51.37% of the
JCEI Notes had been validly tendered and not withdrawn, thereby
satisfying the JCEI Notes Consent Condition (as defined in the
Offering Memorandum). However, as of 5:00 p.m., New York City
time, on May 19, 2017, 0.00% of the JCHC Notes had been validly
tendered and not withdrawn and, accordingly, the requisite amount
of JCHC Notes necessary to satisfy the JCHC Notes Consent Condition
(as defined in the Offering Memorandum), had not been validly
delivered and not withdrawn. The withdrawal deadlines for the
Offers have not been extended.
The Company also announced that it continues to engage in on-going
discussions with representatives of an ad hoc group of holders of
JCHC Notes regarding the terms of the Offers and potential
alternative deleveraging transactions. The Ad Hoc Group represents
that its members own approximately 85% of the JCHC Notes and
approximately 33% of the JCEI Notes (or approximately 68% of the
JCEI Notes not previously tendered).
There can be no assurance that the Company will complete the Offers
or reach an agreement regarding a potential alternative
deleveraging transaction with the Ad Hoc Group.
The Offers, as announced by the Company on April 3, 2017, include
related solicitations of consents to amend the JCEI Notes and JCHC
Notes and related indentures as described in the Offering
Memorandum and to release the collateral securing the JCHC Notes.
About Jack Cooper
Jack Cooper Enterprises, Inc., is the direct parent of Jack Cooper
Holdings Corp., based in Kansas City, MO, a leading provider of
over-the-road transportation of automobiles, SUVs and light trucks
in the U.S. and Canada.
Jack Cooper reported a net loss of $33.27 million on $667.84
million of operating revenues for the year ended Dec. 31, 2016,
compared to a net loss of $69.91 million on $728.58 million of
operating revenues for the year ended Dec. 31, 2015.
As of Dec. 31, 2016, Jack Cooper had $279.11 million in total
assets, $628.96 million in total liabilities and a total
stockholders' deficit of $349.85 million.
* * *
As reported by the TCR on Dec. 14, 2016, S&P Global Ratings said it
has lowered its corporate credit rating on Jack Cooper Holdings
Corp. to 'SD' from 'CC'. "The downgrade follows Jack Cooper's
announcement that it has completed the exchange of its senior
unsecured PIK toggle notes due 2019 for a combination of cash and
warrants in a transaction that we consider a distressed exchanged,"
said S&P Global credit analyst Michael Durand.
In November 2016, Moody's Investors Service downgraded the ratings
of Jack Cooper Enterprises, Inc., including its Probability of
Default Rating ("PDR") to 'Ca-PD' from 'Caa2-PD' and its Corporate
Family Rating ("CFR") to 'Caa3' from 'Caa2'.
JAMUL INDIAN: S&P Lowers ICR to 'CCC+', Off CreditWatch Negative
----------------------------------------------------------------
S&P Global Ratings said it lowered its ratings, including the
issuer credit rating, on Jamul, Calif.-based Jamul Indian Village
Development Corp. (JIVDC or Jamul) to 'CCC+' from 'B-' and removed
the issuer credit, revolver, and term loan B ratings from
CreditWatch, where S&P had placed them with negative implications
on Feb. 6, 2017.
The issue-level rating on JIVDC's term loan C and delayed-draw term
loan C remain on CreditWatch with negative implications because S&P
expects these facilities will become subordinated to the term loan
B in October 2017, at the first anniversary of the opening of the
Hollywood Casino Jamul. This is due to a provision in JIVDC's
credit agreement that, if on the first anniversary of the casino
opening, the senior secured net leverage ratio is not less than or
equal to 5x, then term loan C balances and delayed-draw term loan C
commitments will become subordinated to the term loan B to the
extent necessary such that the senior secured net leverage ratio is
no greater than 5x. S&P is currently forecasting the senior
secured net leverage to remain over 5x over the next few years, and
expect the entirety of the term loan C to be subordinated.
The notching of S&P's issue-level ratings from its issuer credit
rating on a given Native American issuer reflects the relative
position of each security in the capital structure, incorporating
the amount of higher-ranking debt ahead of each issue. As a
result, upon the likely subordination event, S&P would notch the
term loan C and delayed draw term loan C issue-level ratings below
the issuer credit rating.
"The downgrade reflects our belief that JIVDC cannot support its
current capital structure over the long term since we are
forecasting EBITDA coverage of cash fixed charges to be around 1x
over the next two years," said S&P Global Ratings credit analyst
Ariel Silverberg.
S&P adjusts its measure of EBITDA to remove priority distributions
paid to the tribe, since distributions are not available for debt
service. S&P's measure of cash fixed charges includes annual
amortization under JIVDC's term loans, cash interest expense, and
our expectation for minimal maintenance capital expenditures.
Although S&P is forecasting JIVDC to maintain some excess cash on
hand, any modest EBITDA underperformance relative to S&P's forecast
would likely drive faster depletion of these liquidity reserves and
result in an eventual inability to meet fixed charges, in the
absence of more meaningful EBITDA growth. Nevertheless, S&P do not
expect a near-term liquidity crisis because S&P believes JIVDC has
sufficient liquidity over at least the next 12 months to meet its
funding needs, through a combination of cash flow generation, and
modest levels of excess cash.
The negative outlook reflects S&P's belief that Jamul's capital
structure may be unsustainable over the long term given S&P's
forecast for EBITDA to ramp up only to around the level of fixed
charges over the next 12 months, resulting in heightened liquidity
risk in a scenario of even modest underperformance relative to
S&P's base-case forecast. S&P believes that under this scenario,
Jamul would burn cash and likely deplete its excess cash balances
faster than S&P is currently forecasting.
S&P would consider lower ratings if EBITDA modestly underperforms
its forecast, because S&P expects this would lead to faster
depletion of liquidity sources and an inability for Jamul to meet
its fixed charges in the near term.
S&P is unlikely to revise the outlook to stable or raise the rating
absent a more meaningful and rapid ramp up in EBITDA generation
than S&P is currently forecasting that results in EBITDA coverage
of fixed charges staying above the low-1x area, and unless we
expect Jamul can generate at least modestly positive levels of
discretionary cash flow over the long run.
JAT SYSTEMS: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Jat Systems, Inc.
13555D Back Valley Rd
Sale Creek, TN 37373
Case No.: 17-03666
Business Description: The Debtor owns a farmland located at
Warner Bridge Road, Shelbyville, TN,
with a current value of $566,100.
Chapter 11 Petition Date: May 26, 2017
Court: United States Bankruptcy Court
Middle District of Tennessee (Nashville)
Judge: Hon. Charles M Walker
Debtor's Counsel: Craig Vernon Gabbert, Jr., Esq.
BASS, BERRY & SIMS PLC
150 Third Avenue South
Suite 2800
Nashville, TN 37201
Tel: 615-742-6277
Fax: 615-742-0465
E-mail: cgabbert@bassberry.com
Total Assets: $1.36 million
Total Liabilities: $4.16 million
The petition was signed by Kenneth Tim Price, president.
A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/tnmb17-03666.pdf
JOHN Q. HAMMONS: WICP Buying Lindon Property for $9.9M
------------------------------------------------------
John Q. Hammons Fall 2006, LLC, and its affiliates ask the U.S.
Bankruptcy Court for the District of Kansas to authorize the sale
of approximately 40.32 acres of undeveloped land located in Lindon,
Utah, to WICP West Orem, LLC and/or its assigns, for $9,850,000.
The Debtors in the chapter 11 cases consist of the Revocable Trust
of John Q. Hammons, Dated December 28, 1989 as Amended and Restated
("Trust") and 75 of its directly or indirectly wholly owned
subsidiaries and affiliates. One of the assets owned by the Trust
is the real estate in Lindon, Utah.
By order entered Dec. 13, 2016, the Court granted the Debtors'
motion to reject a "Sponsor Entity Right of First Refusal
Agreement, Dated September 16, 2005 and Agreement and Amendment,
Dated December 10, 2008" executed by and among JD Holdings, LLC
("JDH") and Debtors ("ROFR").
JDH may assert, incorrectly, that the ROFR is an interest in the
Real Estate. Other than the ROFR and any real estate taxes
currently owing to Utah County, Utah, there are no liens or other
encumbrances on the Real Estate. Because the Real Estate has been
designated as agricultural property, real estate taxes have
historically ranged from $250-$300 per year.
On Feb. 28, 2017, the Trust received an offer to purchase the Real
Estate from Purchaser. After negotiating with the Purchaser, the
Trust and the Purchaser entered into a Real Estate Purchase
Contract for Land.
Under the terms of the Purchase Agreement, the Purchaser will pay
$9,850,000 in cash for the Real Estate and will pay the fee earned
by the Purchaser's real estate broker so that the Trust will
receive $9,850,000 less the rollback taxes discussed below and
other standard closing costs. The sale will close within 60 days
following the conclusion of the Purchaser's due diligence and the
sale is conditioned upon approval by the Court.
Under Utah law, upon conversion of real estate from agricultural to
some other purpose, the owner of the real estate must pay the
difference between the taxes actually paid on the agricultural
property and what the owner would have paid had the real estate
been taxed at its fair market value ("Rollback Tax"). The Purchase
Agreement provides that the Trust will pay up to, but no more than,
$500,000 of the Rollback Tax, which will be deducted the proceeds
due to the Trust under the sale. Any Rollback Tax in excess of
$500,000 will be paid by the Purchaser. Accordingly, the Trust will
receive at least $9,350,000 million for the Real Estate, less
standard closing costs.
A copy of the Agreement attached to the Motion is available for
free at:
http://bankrupt.com/misc/John_Hammons_1050_Sales.pdf
The Trust will escrow the sale proceeds pending further order of
the Court.
The Real Estate is unencumbered by a mortgage or deed of trust.
The only possible lien against the Real Estate is to secure current
real estate taxes owed. As set forth, those taxes are
significantly less than the sale price. Moreover, the taxes will
be paid at closing, thus extinguishing any such lien.
The Purchase Price is equal to or more than the fair market value
of the Real Estate.
In addition, upon approval by the Court, the sale will occur
without the engagement by the Trust of a real estate broker. As a
result, the typical broker's fee of 6% (approximately $591,000)
will be saved, and consequently, the Trust will receive greater net
proceeds than if a broker was involved.
In short, the Purchase Price represents the highest and best offer
for the Real Estate. For this reason, the Trust has not engaged,
and does not propose to engage, a broker to market the Real Estate
and thereby will avoid the additional cost associated with paying a
broker's commission and closing will not be delayed.
Based on the forgoing, the Trust submits that the sale of the Real
Estate is in the best interests of the Trust's bankruptcy estate
and should be approved. In conjunction therewith, the Trust asks
the Court approve the sale of the Real Estate to the Purchaser
under the terms of the Purchase Agreement free and clear of all
claims and interests to include the ROFR.
The Debtors ask that in the Order approving the sale, the Court
waives the 14-day waiting requirement of Rule 6004 so that, in
reliance on the order approving the Motion, the Debtors and the
Purchaser can immediately close the sale transaction.
About John Q. Hammons Fall 2006
Springfield, Mo.-based John Q. Hammons Hotels & Resorts (JQH) --
http://www.jqhhotels.com/-- is a private, independent owner and
manager of hotels in the United States, representing brands such
as: Marriott, Hilton, Embassy Suites by Hilton, Sheraton, IHG,
Chateau on the Lake Resort / Spa & Convention Center, and Plaza
Hotels Collection. It has portfolio of 35 hotels representing
approximately 8,500 guest rooms/suites in 16 states.
John Q. Hammons Fall 2006, LLC, and its affiliated debtors filed
chapter 11 petitions (Bankr. D. Kan. Case Nos. 16-21139 to
16-21208) on June 26, 2016. The petitions were signed by Greggory
D. Groves, vice president.
At the time of filing, the Debtors estimated assets at $100
million to $500 million and liabilities at $100 million to $500
million.
The Debtors' bankruptcy counsel are Mark A. Shaiken, Esq., Mark S.
Carder, Esq., and Nicholas Zluticky, Esq., at Stinson Leonard
Street LLP. The Debtors' conflicts counsel is Victor F. Weber,
Esq., at Merrick Baker and Strauss PC.
The Debtors engaged BMC Group, Inc., as their notice, claims, and
balloting agent; and Alvarez & Marsal Valuation Services, LLC as
appraiser.
KDA GROUP: Amends Provision on Treatment of Priority Tax Claims
---------------------------------------------------------------
KDA Group, Inc. filed with the U.S. Bankruptcy Court for the
Western District of Pennsylvania its latest disclosure statement,
which explains its proposed Chapter 11 liquidating plan.
The plan contains additional provision on the treatment of Class 2
priority tax claims. Under the plan, holders of allowed Class 2
claims will be paid in full over three years after payment of
administrative claims.
The penalty portion of any Class 2 claim will be paid on a pro rata
basis in Class 4 (which consists of general unsecured claims)
provided the creditor has filed a claim and the penalties are
allowed.
KDA Group fixed September 2017 as the effective date of its
liquidating plan, according to the company's latest disclosure
statement filed on May 16.
A copy of the disclosure statement is available for free at
https://is.gd/sbfL1E
KDA Group Inc.
Headquartered in Pittsburgh, Pennsylvania, KDA Group, Inc., filed
for Chapter 11 bankruptcy protection (Bankr. W.D. Pa. Case No.
16-21821) on May 12, 2016, estimating its assets at between
$100,000 and $500,000 and liabilities at between $10 million and
$50 million. The petition was signed by Nicholas D. E. Barran,
authorized representative.
Judge Gregory L. Taddonio presides over the case.
Donald R. Calaiaro, Esq., at Calaiaro Valencik serves as the
Debtor's bankruptcy counsel.
The Troubled Company Reporter, on July 1, 2016, reported that the
Office of the U.S. Trustee disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of KDA Group, Inc.
KENNETH MANIS: Sale of Baxter Properties Approved
-------------------------------------------------
Judge Charles M. Walker of the U.S. Bankruptcy Court for the Middle
District of Tennessee authorized the sale by Kenneth D. and Jenider
N. Manis of building lots located at (i) 308 Valley Pointe, Baxter,
Tennessee for the minimum price of $20,000 and (ii) 312 Valley
Pointe, Baxter, Tennessee for the minimum price of $20,000.
From the sale proceeds, the Debtors propose to pay the costs of the
closing attorney, an owner's title insurance policy, the deed tax
and all outstanding property taxes, the total of which is estimated
to be approximately $650 per property.
Said sale will be free and clear of the interests of any lien
holder; however, said lien will attach to the proceeds of the sale
and will be distributed pursuant to the priority of lienholders.
Putnam 1st Mercantile Bank is the lienholder of 308 and 312 Valley
Pointe, Baxter, Tennessee. The Bank believes that the sale price
represents the fair market value of the properties and has agreed
to release its lien on each of the Properties as long as all
proceeds are applied to the loan.
The buyers will not be an insider as defined by 11 U.S.C. Section
101(31) and the sale will represent an arms'-length transaction
between the Debtors and purchasers, made without fraud, collusion,
and no attempt will been made by either party to take any unfair
advantage of the other. The buyers will purchase the Properties in
good faith.
The Debtors are no longer pursuing the sale of 795 Buffalo Valley
Road, Baxter, Tennessee. They intend to keep the property and
continue to rent the property to generate income. They will
provide for treatment of the loans secured by the property in their
Chapter 11 Plan.
The Order, combined with the two prior Orders Granting Authority to
Sell [Docket #46 and #54] resolves all remaining matters from
Debtors' Expedited Motion to Sell [Docket #31].
About Kenneth and Jennifer Manis
Kenneth D. Manis and Jennifer N. Manis sought Chapter 11 protection
(Bankr. M.D. Tenn. Case No. 17-00788) on Feb. 6, 2017. The Debtors
tapped Steven L. Lefkovitz, Esq., at the Law Offices Lefkovitz &
Lekovitz, as counsel.
KOHL'S CORP: Egan-Jones Cuts Sr. Unsecured Ratings to BB+
---------------------------------------------------------
Egan-Jones Ratings, on May 12, 2017, lowered the local currency and
foreign currency senior unsecured ratings on debt issued by Kohl's
Corp to BB+ from BBB-.
The Kohl's Corporation is an American department store retailing
chain.
LEOR DEPARTMENT: Taps Gabriel Del Virginia as Legal Counsel
-----------------------------------------------------------
Leor Department Store, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire legal counsel.
The Debtor proposes to hire the Law Offices of Gabriel Del Virginia
to give legal advice regarding its duties under the Bankruptcy
Code, and provide other legal services related to its Chapter 11
case.
The hourly rate for Gabriel Del Virginia, Esq., a partner, is $475.
Associates and paralegals charge $225 per hour and $95 per hour,
respectively.
The Debtor paid the firm $6,000, of which $1,717 was used to pay
the filing fee.
The firm is a "disinterested person" as defined in section 101(14)
of the Bankruptcy Code, according to court filings.
Del Virginia can be reached through:
Gabriel Del Virginia, Esq.
Law Offices of Gabriel Del Virginia
30 Wall Street, 12th Floor
New York, NY 10005
Tel: 212-371-5478
Fax: 212-371-0460
Email: gabriel.delvirginia@verizon.net
About Leor Department Store
Leor Department Store, Inc. operates a local department store, with
sole place of business at 66 West Fordham Road, Bronx, New York.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 17-10924) on April 6, 2017. Nouri
Yazdi, president, signed the petition.
At the time of the filing, the Debtor estimated assets of less than
$500,000 and liabilities of less than $1 million.
LIBERTY INDUSTRIES: Reaches Deal on Cash Use Until June 30
----------------------------------------------------------
Judge Erick P. Kimball on May 19, 2017, entered an agreed order
authorizing Liberty Industries, L.C. and Liberty Properties at
Newburgh, L.C., to continue using cash collateral through and
including June 30, 2017.
A hearing on the Debtor's motion to use cash collateral of Regions
Bank, and an objection by the Bank to the use of cash collateral
was held on May 17. The Court set the matter for evidentiary
hearing on May 22. The Court was subsequently advised of the
parties' agreement.
At the parties' behest, Kimball entered an order authorizing the
Debtors to use cash collateral of Regions Bank, up to the amounts
shown in the budget, on an interim basis through and including June
30, 2017.
The evidentiary hearing scheduled for May 22 is continued to June
28 at 10:30 a.m.
According to the Agreed Order, as adequate protection for the use
of cash collateral, the Debtors will make monthly payments of
$20,000 to Regions Bank, and grant to Regions Bank a first priority
postpetition lien on all cash of the Debtors generated
post-petition. In addition, as a condition to the continued use of
cash collateral by the Debtors, the guarantors of the Debtors' debt
to Regions Bank will pay Regions Bank $30,000 by May 19, 2017 for
the continued use of Cash Collateral, through and including June
30, 2017
The Agreed Order is without prejudice to Regions Bank moving to
terminate the use of cash collateral or the Debtors seeking to use
Cash Collateral after June 30, 2017.
A copy of the Agreed Order is available for free at:
http://bankrupt.com/misc/Liberty_Ind_86_Ord_Cash.pdf
About Liberty Industries
Liberty Industries, L.C., and Tower Innovations and Liberty
Properties at Newburgh, L.C., own a commercial manufacturing
facility and an office complex located in Newburgh, Indiana,
including 22.6 acres of real property: 6,000-square foot office
building, a 28,000-square foot manufacturing facility and a
3,800-square foot warehouse and support facility. Liberty
Industries is a manufacturer of broadcast and telecommunication
infrastructure tower systems, serving domestic and international
markets.
Liberty Industries, L.C., d/b/a Tower Innovations, and Liberty
Properties at Newburgh, L.C., filed Chapter 11 petitions (Bankr.
S.D. Fla. Case Nos. 16-22332 and 16-22333) on Sept. 7, 2016. The
petitions were signed by Barbara Wortley, managing member.
The Debtors estimated assets and liabilities at $1 million to
$10 million at the time of the filing.
The jointly-administered cases are assigned to Judge Erik P.
Kimball.
The Debtors are represented by Robert C. Furr, Esq., at Furr &
Cohen.
* * *
The Debtors on Feb. 17, 2017, filed a reorganization plan that says
unsecured creditors owed $635,525, will receive 100% of their
allowed claim, without interest, in equal monthly payments totaling
$8,827 over a 72-month period.
LONG BEACH MEDICAL: Hearing on Disclosures Approval Set for June 21
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York has
scheduled for June 21, 2017, at 11:00 a.m. (Prevailing Eastern
Time) the hearing to consider the approval of Long Beach Medical
Center, et al.'s disclosure statement dated May 17, 2017, referring
to the Debtors' joint plan of liquidation.
Objections to the Disclosure Statement must be filed by June 14,
2017, at 4:00 p.m.
Class LBMC 5 General Unsecured Claims will recover less than 1%
under the Plan. Except to the extent that a holder of an Allowed
LBMC Class 5 Claim agrees to less favorable treatment, each holder
of an Allowed LBMC Class 5 Claim will be entitled to receive, in
cash: (a) a pro rata distribution of Net LBMC Proceeds up to 50% of
the Tranche 1 Limit, plus, an amount of additional Net LBMC
Proceeds equal to the difference, if any, between $750,000 (an
amount equal to 50% of the Tranche 1 Limit) and any distributable
value actually distributed to holders of Allowed Komanoff Class 5
Claims; plus, (b) to the extent any Net LBMC Proceeds remain after
the Debtors actually distribute distributable value, in the
aggregate, up to the Tranche 1 Limit, a pro rata distribution of
Net LBMC Proceeds, to be shared pari-passu with the holder of the
LBMC Class 6 Claim, up to 50% of the Tranche 2 Limit, plus, an
amount of additional Net LBMC Proceeds equal to the difference, if
any, between $625,000 (an amount equal to 50% of the Tranche 2
Limit) and any Distributable Value actually distributed to Holders
of Komanoff Class 5 Claims; plus, (c) to the extent any Net LBMC
Proceeds remain after the Debtors actually distribute distributable
value, in the aggregate, up to the Tranche 2 Limit, and after PBGC
receives full payment of the subordination amount, a pro rata
distribution of all remaining Net LBMC Proceeds, pari-passu with
Holder of the LBMC Class 6 Claim.
Class Komanoff 5 Allowed General Unsecured Claims will recover
15-32% under the Plan. Except to the extent that a holder of an
Allowed Komanoff Class 5 Claim agrees to less favorable treatment,
each holder of an Allowed Komanoff Class 5 Claim will be entitled
to receive, in cash: (a) a pro rata distribution of Net Komanoff
Proceeds up to 50% of the Tranche 1 Limit, plus, an amount of
additional Net Komanoff Proceeds equal to the difference, if any,
between $750,000 (an amount equal to 50% of the Tranche 1 Limit)
and any distributable value actually distributed to holders of
Allowed LBMC Class 5 Claims; plus, (b) to the extent any Net
Komanoff Proceeds remain after the Debtors actually distribute
distributable value, in the aggregate, up to the Tranche 1 Limit, a
pro rata distribution of Net Komanoff Proceeds, to be shared
pari-passu with the holder of the Komanoff Class 6 Claim, up to 50%
of the Tranche 2 Limit, plus, an amount of additional Net Komanoff
Proceeds equal to the difference, if any, between $625,000 (an
amount equal to 50% of the Tranche 2 Limit) and any Distributable
Value actually distributed to Holders of LBMC Class 5 Claims; plus,
(c) to the extent any Net Komanoff Proceeds remain after the
Debtors actually distribute Distributable Value, in the aggregate,
up to the Tranche 2 Limit, and after PBGC receives full payment of
the subordination amount, a pro rata distribution of all remaining
Net Komanoff Proceeds, pari-passu with the holder of Komanoff Class
6 Claim.
On the Effective Date, the monetization of the Debtors' remaining
assets and causes of actions and distributions to creditors will
become the general responsibility of the Plan Administrator. The
confirmation court order will provide for the appointment of the
plan administrator. The selection of, and compensation for, the
Plan Administrator will be set forth in the plan supplement. The
Plan Administrator will be deemed the estates' representative in
accordance with Section 1123 of the U.S. Bankruptcy Code and will
have all powers, authority and responsibilities specified under
Sections 704 and 1106 of the Bankruptcy Code.
The Plan Administrator will obtain and maintain a bond in an amount
equal to 110% of the aggregate of Komanoff Remaining Cash and LBMC
Remaining Cash. As Komanoff Remaining Cash and LBMC Remaining Cash
are reduced through distributions and payments by the Plan
Administrator and additional cash comes into the estates, the Plan
Administrator will, at the appropriate time, adjust the amount of
the bond to an amount equal to at least 110% of the amount of cash
in the estates. The Plan Administrator may use estate assets to
obtain bond and the cost of bond will be apportioned equally
between the Debtors' estates.
The Disclosure Statement is available at:
http://bankrupt.com/misc/nyeb14-70593-591.pdf
About Long Beach Medical Center
Long Beach Medical Center, formerly Long Beach Memorial Hospital,
was a 162-bed, community-based hospital offering primary, acute,
emergency and long-term health care to residents of Long Beach, New
York. Founded in 1922, LBMC was a teaching facility for the New
York College of Osteopathic Medicine. LBMC was shut down after
superstorm Sandy devastated the hospital in October 2012.
Long Beach Memorial Nursing Home Inc, runs the The Komanoff Center
for Geriatric and Rehabilitative Medicine, a 200-bed skilled
nursing facility affiliated with LBMC. It provides services for
residents requiring long term nursing home care and short term
post-acute (sub-acute) care. Currently there are 127 residents of
Komanoff.
Long Beach Medical Center and Long Beach Memorial Nursing Home
dba The Komanoff Center for Geriatric and Rehabilitative
Medicine, sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y.
Case Nos. 14-70593 and 14-70597) on Feb. 19, 2014.
Long Beach Medical Center scheduled $17,400,606 in total assets and
$84,512,298 in total liabilities.
Garfunkel Wild P.C. serves as the Debtors' counsel. GCG, Inc., is
the Debtors' claims and noticing agent. The Hon. Alan S. Trust
presides over the cases.
The U.S. Trustee has appointed three members to the official
committee of unsecured creditors. The panel retained Klestadt &
Winters, LLP, led by Sean C. Southard, Esq., as counsel.
LORETTA'S HOME: Wants to Use IRS's Cash Collateral
--------------------------------------------------
Loretta's Home Health Care, Inc., seeks authorization from the U.S.
Bankruptcy Court for the Western District of Oklahoma to use cash
collateral.
Debtor proposes to use its income (cash collateral) to continue to
operate its business so that it is able to repay its liability to
the Internal Revenue Service. If Debtor is unable to continue its
business operations, there is little chance the debt will be repaid
by Debtor's owner, Loretta Thomas, who has no source of income
other than the instant business.
The Debtor requests that it be permitted to use cash collateral in
this case, specifically income subject to a line in favor of the
Internal Revenue Service, in order to continue to operate its
business. The Internal Revenue Service will be adequately
protected by period cash payments.
The Internal Revenue Service has filed a claim in this case
asserting a secured claim in the amount of 105,900. The Service
also filed a priority claim in the amount of $161,798.95 and a
general unsecured claim in the amount of $135,785.20. The Debtor
does not anticipate disputing the claim
A copy of the Debtor's request is available at:
http://bankrupt.com/misc/okwb17-10940-26.pdf
About Loretta's Home Health Care
Loretta's Home Health Care, Inc., is a health care business,
providing home health care to Medicare recipients.
Loretta's Home Health Care was involved in a prior Chapter 11 case
in (Bankr. W.D. Okla. Case No. 0915819). The case was filed Oct.
15, 2009, and the plan was confirmed January 2011. The case was
dismissed for failure to make payments on Nov. 24, 2014.
Loretta's Home Health Care commenced a new Chapter 11 bankruptcy
case (Bankr. W.D. Okla. Case No. 17-10940) on March 21, 2017. The
Debtor's assets and liabilities are both below $1 million.
Michael J. Rose, Esq., at Michael J. Rose, PC, is serving as
counsel to the Debtor.
LUMENATE TECHNOLOGIES: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Lumenate Technologies, LP
16633 Dallas Parkway, Suite 450
Addison, TX 75001
Business Description: Lumenate is a technical consulting firm
focused on enabling and securing the
virtualized enterprise.
Headquartered in Dallas, Lumenate
has offices throughout the United States
that serve national and international
customers.
Web site: http://www.lumenate.com
Chapter 11 Petition Date: May 26, 2017
Case No.: 17-32067
Court: United States Bankruptcy Court
Northern District of Texas (Dallas)
Judge: Hon. Stacey G. Jernigan
Debtor's Counsel: Jason Patrick Kathman, Esq.
PRONSKE GOOLSBY & KATHMAN, P.C.
901 Main Street, Suite 610
Dallas, TX 75202
Tel: (214) 658-6500
Fax: (214) 658-6509
E-mail: jkathman@pgkpc.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Reagan Dixon, general partner of
Lumenate Technologies, LP.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/txnb17-32067.pdf
MACY'S INC: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
----------------------------------------------------------
Egan-Jones Ratings, on May 12, 2017, downgraded the local currency
and foreign currency senior unsecured ratings on debt issued by
Macy's Inc to BB+ from BBB- and BBB, respectively.
Macy's, Inc. is an omnichannel retail company operating stores,
Websites and mobile applications under various brands, such as
Macy's, Bloomingdale's and Bluemercury. The Company sells a range
of merchandise, including apparel and accessories (men's, women's
and children's), cosmetics, home furnishings and other consumer
goods.
MAXUS ENERGY: Madison Buying De Minimis Assets for $262K
--------------------------------------------------------
Maxus Energy Corp., and its affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware a notice of its sale
of de minimis assets that consists of its right, title and interest
in and to that First Colony Life Insurance Co. Policy Number
XXXXX07 to Madison Square Holdings, LLC for $261,670 pursuant to
the Sale Order, dated April 5, 2017.
Objections, if any, must be filed no later than June 8, 2017.
The Debtors entered into Purchase Agreement, dated May 24, 2017,
with the Buyer for the purchase of the Assets. The Debtors propose
to sell the Assets to the Purchaser on an "as is" basis, free and
clear of all liens, claims or encumbrances. The Purchaser has
agreed to pay a purchase price of $261,670 for the Assets.
The Debtors are aware of any liens and/or encumbrances on the
Assets. To the extent that any party has liens or encumbrances on
the Assets, the Debtors submit that any such lien or encumbrance
will attach to the proceeds of the sale with the same validity,
extent and priority such Lien had immediately prior to the sale of
the Assets, subject to any rights and defenses of the Debtors with
respect thereto.
If no Objections are filed with the Bankruptcy Court and served on
the Interested Parties by the Objection Deadline in accordance with
the terms of the Sale Order described, then the Debtors may proceed
with the De Minimis Sale in accordance with the terms of the Sale
Order. The Debtors may consummate a De Minimis Sale prior to
expiration of the applicable Objection Deadline if the Debtors
obtain each Interested Party's written consent to the De Minimis
Sale.
About Maxus Energy Corporation
Maxus Energy Corporation and four of its subsidiaries filed
voluntary petitions for reorganization under Chapter 11 (Bankr. D.
Del. Lead Case No. 16-11501) on June 17, 2016. The Debtors will
use the breathing spell afforded by the Bankruptcy Code to decide
whether their existing environmental remediation operations and
oil
and gas operations can be restructured as a sustainable,
stand-alone enterprise.
The Debtors have engaged Young Conaway Stargatt & Taylor, LLP, as
local counsel, Morrison & Foerster LLP as general bankruptcy
counsel, Zolfo Cooper, LLC, as financial advisor and Prime Clerk
LLC as claims and noticing agent, all are subject to the
Bankruptcy
Court's approval.
The Debtors hired Keen-Summit Capital Partners LLC as real estate
broker. The Debtors also engaged Hilco Steambank to market and
sell their internet protocol numbers and other internet number
resources, and EnergyNet.com to market and sell the Debtors'
rights, title, and interest in and to the oil and gas properties.
On July 7, 2016, the United States Trustee for the District of
Delaware filed Notice of Appointment of Committee of Unsecured
Creditors. The Committee selected Schulte Roth & Zabell LLP as
counsel, and Cole Schotz as Delaware co-counsel. Berkeley
Research
Group, LLC, serves as financial advisor for the
Committee.
Andrew Vara, acting U.S. Trustee for Region 3, appointed the
following to a committee of retirees: John Leslie Jackson, Sr.,
Gerald G. Carlton, and Robert E. Garbesi. The Retirees Committee
retained Akin Gump Strauss Hauer & Feld LLP as counsel and Ashby &
Geddes, P.A., as co-counsel.
MCGEE TRUCKING: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
The Office of the U.S. Trustee on May 25 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of McGee Trucking, LLC.
About McGee Trucking LLC
McGee Trucking LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. W.Va. Case No. 17-30185) on April 24,
2017. At the time of the filing, the Debtor estimated assets of
less than $100,000 and liabilities of less than $500,000.
Megan A. Patrick, Esq., at Klein & Sheridan, LC, serves as the
Debtor's bankruptcy counsel.
MENA STEEL BUILDINGS: Has Authority to Use Cash Collateral
----------------------------------------------------------
Judge Ben Barry of the U.S. Bankruptcy Court for the Western
District of Arkansas authorized Mena Steel Buildings, Inc., to use
cash collateral to preserve the Debtor's business and business
reputation.
The Debtor is directed to account monthly for the collection and
expenditure of the cash collateral via the required monthly
operating report pursuant to the regulations of the Office of the
U.S. Trustee. Specifically, the Debtor will account for all rents
and revenues received and use of the cash collateral is restricted
to the following manner:
(a) Payment of all employee wages and employment taxes;
(b) Payment of the ongoing and necessary business expenses which
includes but is not limited to purchase of building materials,
utilities, wages, maintenance, insurance, and costs of operation;
(c) The Debtor will retain in the debtor-in-possession account
sufficient monthly revenue to pay and keep current the taxes and
insurance as required or as due to any governmental agency;
(d) The Debtor will pay ongoing secured debts as they become due
and all taxes when due;
(e) Any money not used will accumulate in a debtor in possession
operational account and be distributed as directed by a confirmed
plan.
The Debtor's ability to use cash collateral will terminate upon (a)
the conversion of the chapter 11 case to a chapter 7 or (b)
subsequent order of the Court.
A full-text copy of the Order, dated May 23, 2017, is available at
https://is.gd/3z5YP3
About Mena Steel Buildings
Mena Steel Buildings, Inc., is an Arkansas corporation involved in
the construction business.
Mena Steel Buildings filed a Chapter 11 bankruptcy petition (Bankr.
D. Ark. Case No. 17-70983) on April 19, 2017. The petition was
signed by Bryan Hebert, president. The Debtor disclosed $1.10
million in assets and $915,328 in liabilities. The Hon. Ben T
Barry presides over the case. The Debtor is represented by Don
Brady, Esq. in Fort Smith, Arkansas.
MIDLAND FUNDING: High Court Won't Review Nelson's Stale Debt Suit
-----------------------------------------------------------------
Martin O'Sullivan of Bankruptcy Law360 reports that the U.S.
Supreme Court declined to hear an appeal of the dismissed lawsuit
commenced by Domick Nelson against debt collector Midland Funding
LLC, one week after the high court ruled that debt collectors that
knowingly pursue stale debt in bankruptcy proceedings are not
subject to consumer protection lawsuits.
Law360 relates that in September 2016, the U.S. Court of Appeals
for the Eighth Circuit affirmed the dismissal of the Nelson suit
against Midland Funding over a claim filed in Nelson's Chapter 13
bankruptcy seeking repayment of credit card debt from more than
eight years prior -- saying that the bankruptcy code's protections
for debtors satisfy the goals of the Fair Debt Collection Practices
Act (FDCPA).
Nelson is represented by Daniel L. Geyser of Stris & Maher LLP.
Midland Credit is represented by Kannon K. Shanmugam of Williams &
Connolly LLP.
The case is Nelson v. Midland Credit Management Inc., case number
16-757, in the U.S. Supreme Court.
MONUMENT SECURITY: Court Forbids Cash Access Until End of 2017
--------------------------------------------------------------
Judge Robert S. Bardwil of the U.S. Bankruptcy Court for the
Eastern District of California denied the motion filed by Monument
Security, Inc., seeking, among other things, to continue until the
end of 2017 using the cash collateral in which Citibank, N.A., and
the Internal Revenue Service may potentially assert interests.
About Monument Security
Monument Security, Inc., was formed in 1995, and operates a
security services business in California, Nevada, Arizona,
Colorado, Georgia, Florida, Indiana, Louisiana, Maryland, Missouri,
New Jersey, New York, Ohio, Oregon, Texas, Utah, Washington, and
Wyoming. It also subcontracts work to other security providers in
Alaska, Arizona, New Mexico and North Carolina. The business had
been successfully run by Scott McDonald for many years and
regularly employs more than 1000 employees.
Monument Security filed a Chapter 11 petition (Bankr. E.D. Cal. No.
17-20689) on Feb. 1, 2017. Michael Bivians, CEO, signed the
petition. At the time of filing, the Debtor disclosed total assets
of $2.82 million and total liabilities of $3.11 million.
The case is assigned to Judge Robert S. Bardwil.
The Debtor is represented by Matthew R. Eason, Esq. and Kyle K.
Tambornini, Esq., at Eason & Tambornini.
MOUNTAIN CREEK: Wants to Use Cash Collateral, Obtain DIP Financing
------------------------------------------------------------------
Mountain Creek Resort, Inc., et al., ask the U.S. Bankruptcy Court
for the District of New Jersey for permission to use cash
collateral and obtain postpetition financing from HSK Adventure,
Inc., consisting of a credit facility in the aggregate principal
amount of up to $6.0 million for the purpose of funding the
Debtors’ general operating and working capital needs and the
administration of the Debtors' Chapter 11 cases.
About $2 million of the DIP financing will be available upon entry
of the interim DIP court order.
The Debtors propose to grant to the DIP Lender valid, fully
perfected, and enforceable security interests and liens in and upon
the DIP Collateral, and grant an allowed superpriority
administrative expense claim to the DIP Lender.
The Debtors intend to use the Chapter 11 Cases to restructure their
debt obligations and propose a feasible plan or reorganization.
Pending the filing of a Chapter 11 plan the Debtors intend to
operate their business in the ordinary course by continuing to
retain and pay their employees and provide high level services to
their customers.
The Debtors say that they do not have sufficient unencumbered cash
or other assets to continue to operate their business during these
Chapter 11 cases or to effectuate reorganization. The Debtors will
be immediately and irreparably harmed if they are not immediately
granted the authority to use the cash collateral of the prepetition
senior lender and prepetition subordinated lenders and to obtain
postpetition financing from the DIP Lender in accordance with the
terms of the DIP credit agreement.
In the weeks prior to the Petition Date, the Debtors solicited a
financing proposal from M&T Bank. Within the week prior to the
Petition Date, M&T made a proposal that failed to meet the
financial needs of the Debtors. In addition to failing to provide
the $6 million in funding offered pursuant to the DIP Financing
offered by the DIP Lender, the M&T proposal would have required,
among other onerous terms, the Debtors to immediately commence a
sales process, consummate a sale within months of the Petition Date
and pay principal and interest to the bank pending the sale. It
was apparent to the Debtors that M&T's proposal was designed for
the sole benefit of the prepetition senior lender and was not in
the best interests of all of the Debtors creditors and other
stakeholders.
The DIP Financing (a) provides for up to $6 million of financing,
$2 million of which is required on an interim basis, (b) has a
stated maturity date of Jan. 31, 2018 (more than 8 months), (c) is
junior to the existing $24 million secured debt of M&T (but senior
to the $9 million of debt of the prepetition subordinated lenders
who consent to their priming), (d) does not contain any
case-control deadlines, (e) is not secured by any avoidance
actions, (f) provides for the monthly payment of postpetition
interest to M&T and (g) and contains very reasonable covenants and
conditions.
The DIP Financing will have an interest rate of Prime Rate plus 200
basis points, and, in the event of a default by the Debtor, the
interest rate charged will be the Applicable Rate plus 600 basis
points. Interest payable pursuant to this Agreement will be
computed on the basis of a 360-day year for the actual number of
days elapsed in the period during which it accrues. In computing
interest on the DIP Loan, the date of the making of an advance
under the DIP Loan will be included, and the date of payment of the
DIP Loan will be excluded. Accrued and unpaid interest on the DIP
Loan will be payable in arrears on: (i) the first day of each
calendar month, and if the day is not a Business Day, the
immediately preceding Business Day; (ii) the date of any prepayment
or payment of the DIP Loan principal, whether voluntary or
mandatory, to the extent accrued on the amount being prepaid or
paid; and the Maturity Date.
The DIP Financing does not include the payment of any upfront or
exit fees.
The DIP Lender will have the right to credit bid in connection with
any plan, sale, or other disposition of assets in the cases.
A copy of the Debtors' request is available at:
http://bankrupt.com/misc/njb17-19899-12.pdf
About Mountain Creek Resort
Mountain Creek Resort Inc. owns and operates the Mountain Creek
Resort, a four-season resort located in Vernon, New Jersey. The
Resort is the New York/New Jersey Metro area's closest ski resort
with 167 skiable acres on four mountain peaks, 1,040 vertical feet,
46 trails, and 11 lifts. The Resort also operates and manages the
Appalachian Hotel and the Black Creek Sanctuary townhomes.
During winter, the Resort offers a 34 lane snow tubing park, night
skiing with more than 1,000 lights on all trails, North America's
only eight passenger open-air gondola, and the region's most
extensive, state of the art snowmaking system. During the summer,
the Resort offers substantial summer operations including a 25 acre
waterpark, an alpine roller coaster, a bike park, and a zip line
park.
On May 15, 2017, Mountain Creek Resort, Inc., and 5 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No.
17-19899). The cases are pending before the Honorable Judge Stacey
L. Meisel, and are jointly administered.
Mountain Creek estimated $10 million to $50 million in assets and
debt.
Lowenstein Sandler LLP is the Debtors' bankruptcy counsel. Getzler
Henrich & Associates LLC is the financial advisor. Houlihan Lokey
Capital, Inc., is the business consultant. Prime Clerk LLC is the
claims and noticing agent.
MTX LEASING: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------
The Office of the U.S. Trustee on May 23 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of MTX Leasing, Inc.
About MTX Leasing Inc.
Based in Little Falls, Minnesota, MTX Leasing Inc. sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Minn.
Case No. 17-31169) on April 13, 2017. The case is assigned to
Judge Kathleen H. Sanberg.
Steven Nosek, Esq., and Yvonne Doose, Esq., at Steven B. Nosek,
P.A., serve as the Debtor's bankruptcy counsel.
At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of $1 million to $10 million.
NEW ENGLAND MECHANICAL: Wants to Use Cash Collateral Until Aug. 31
------------------------------------------------------------------
New England Mechanical Coordination & Consulting, LLC, filed with
the U.S. Bankruptcy Court for the District of New Hampshire a
second motion for authorization to continue use of up to $75,000 in
cash collateral during the period between June 1, 2017, and Aug.
31, 2017, inclusive subject to providing People's United Bank and
the Internal Revenue Service and United States of America.
As reported by the Troubled Company Reporter on April 3, 2017,
Judge Bruce A. Harwood previously entered an order granting the
Debtor's motion to use cash collateral through May 31, 2017.
In the second motion, the Debtor proposes to use $327,605 of its
$374,346 in revenue to pay costs and expenses incurred in the
ordinary course of business. The Debtor will be able to pay the
costs and expenses incurred in the ordinary course of business
during the Use Period if it has the ability to spend the Maximum
Amount. The Debtor should have positive cash flow of $60,241
during the Use Period. By the end of the period, the Debtor should
have nearly enough money to repay the $75,000 in cash collateral
used by the Debtor pursuant to the earlier cash collateral court
order, less the payment already made to PUB and IRS. The inability
to use cash collateral up to the Maximum Amount jeopardizes the
reorganization and the Debtor's creditors and other
parties-in-interest. No significant diminution in the value of the
cash collateral should occur over the Use Period.
The Debtor's proposed court order:
-- limits the amount of Cash Collateral which Debtor may
spend during the Use Period to $327,605;
-- requires the Debtor to pay PUB the sum of $750 on the 15th
day of each month during the Use Period;
-- requires the Debtor to pay the IRS the sum of $1,800 on
the 15th day of each month during the Use Period. If, and
to the extent that cash collateral use continues for more
than 6 months, the IRS adequate protection payment will be
increased to $3,685.66 in October 2017;
-- requires the Debtor to pay 1/12th of the annual premiums
becoming due on its general or public liability and
property damage insurance and keep insurance policies in
full force and effect; and
-- grants to each Record Lienholder a replacement lien on the
Debtor's Premises on which they hold a lien on the date
hereof until avoided by a court order.
The Budget provides for revenue and total expenses for the period
June 1 through Aug. 31, 2017:
June 2017 July 2017 Aug 2017
--------- --------- --------
Starting Cash Balance $13,500 $28,242 $35,751
Revenue $89,952 $140,194 $144,200
Total Expenses $75,210 $132,385 $119,710
Cash at End of Month $14,742 $7,509 $24,490
Copies of the Debtor's request and the Budget are available at:
http://bankrupt.com/misc/nhb17-10133-92.pdf
http://bankrupt.com/misc/nhb17-10133-92-1.pdf
About New England Mechanical
New England Mechanical Coordination & Consulting, LLC, d/b/a
NEMC2,
filed a Chapter 11 petition (Bankr. D.N.H. Case No. 17-10133) on
Feb. 3, 2017. The petition was signed by Michael A. Zyla, member.
The case is assigned to Judge Bruce A. Harwood. The Debtor is
represented by William S. Gannon, Esq., at William S. Gannon PLLC.
At the time of filing, the Debtor had $571,151 in total assets and
$2.41 million in total liabilities.
NUVERRA ENVIRONMENTAL: Egan-Jones Lowers Sr. Unsec. Ratings to D
----------------------------------------------------------------
Egan-Jones Ratings, on May 8, 2017, downgraded the local currency
and foreign currency senior unsecured ratings on debt issued by
Nuverra Environmental Solution to D from C.
Nuverra Environmental Solutions, Inc. provides environmental
solutions to customers focused on the development and production of
oil and natural gas from shale formations.
OAKRIDGE HOLDINGS: Taps Sapientia Law Group as Legal Counsel
------------------------------------------------------------
Oakridge Holdings, Inc. and Stinar HG, Inc. seek approval from the
U.S. Bankruptcy Court for the District of Minnesota to hire legal
counsel.
The Debtors propose to hire Sapientia Law Group to assist in the
preparation of a bankruptcy plan, and provide other legal services
related to their Chapter 11 cases.
Kenneth Edstrom, Esq., the attorney designated to represent the
Debtors, will charge an hourly fee of $450 for his services.
Sapientia received a pre-bankruptcy retainer in the amount of
$45,000 from Stinar President Robert Harkey.
Mr. Edstrom disclosed in a court filing that he and his firm do not
hold or represent any interest adverse to the Debtors.
The firm can be reached through:
Kenneth C. Edstrom, Esq.
Sapientia Law Group PLLC
120 South Sixth Street, Suite 100
Minneapolis, MN 55402
Phone: 612-756-7108
Email: kene@sapientialw.com
About Oakridge Holdings Inc.
Based in St. Paul, Minnesota, Oakridge Holdings Inc. is the parent
of Stinar HG, Inc., a manufacturer of aviation ground support
equipment.
The Debtors sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Minn. Case Nos. 17-31669 and 17-31670) on May 22,
2017. Robert C. Harvey, CEO & president, signed the petitions.
At the time of the filing, Oakridge Holdings disclosed $990,237 in
assets and $2.17 million in liabilities. Stinar disclosed $8.22
million in assets and $2.91 million in liabilities.
Judge Kathleen H. Sanberg presides over the cases.
OCONEE REGIONAL: May Continue Pre-Existing Insurance Programs
-------------------------------------------------------------
The Hon. Austin E. Carter of the U.S. Bankruptcy Court for the
Middle District of Georgia has granted Oconee Regional Health
Systems, Inc., and its affiliates permission to continue
pre-existing insurance programs, pay prepetition premiums and
related obligations, and, on an interim basis, continue certain
insurance premium.
To the extent any of the Insurance Policies will expire during
these Chapter 11 cases, or will no longer be necessary after any
disposition of assets or operations to which the Insurance Policies
pertain, the Debtors will consult with the bond trustee prior to
entering into any replacement, amendment, extension or material
modification of the Insurance Policies sufficiently in advance to
allow the bond trustee to seek relief in the Court prior to any
insurance policy extension or modification.
The Debtors are authorized, on an interim basis, to continue to
finance the yearly premium payments as to the Financed Policies,
and the arrangements are approved under Section 364 of the U.S.
Bankruptcy Code. The counterparties to the insurance premium
finance contracts are granted a senior lien, but solely in all
unearned premiums, payments in respect of any losses to the extent
the payments reduce the unearned premiums, and dividends on the
policy, all as more specifically set forth in the financing
agreements attached to the Motion.
Any party-in-interest in these Chapter 11 cases will have until
June 5, 2017, to file a written objection to the Motion or to the
court order. If any objection is filed and served, then the Court
will convene a hearing to consider the objection, but this court
order will remain in full force and effect and binding in all
respects unless and until there is any further ruling from the
Court. If no objection is timely filed and served, then the court
order will be deemed a final court order without need for any
further action of the Court.
A copy of the court order is available at:
http://bankrupt.com/misc/gamb17-51005-58.pdf
About Oconee Regional Medical Center
Oconee Regional Medical Center (ORMC) is located in Milledgeville
near the geographic center of Georgia, providing advanced
healthcare technologies to the 90,000 residents living in the seven
surrounding counties.
Oconee Regional Health Systems, Inc., owner of the Oconee Regional
Medical Center, and six of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. M.D. Ga.) on May 10, 2017. The six
affiliates are Oconee Regional Medical Center, Inc. (Case No.
17-51006), Oconee Regional Health Services, Inc. (Case No.
17-51007), Oconee Regional Emergency Medical Services, Inc. (Case
No. 17-51008), Oconee Regional Health Ventures, Inc., d/b/a Oconee
(Case No. 17-51009), Oconee Internal Medicine, LLC (Case No.
17-51010), and Oconee Orthopedics, LLC (Case No. 17-51011).
Two more affiliates sought bankruptcy protection on May 11, 2017.
These affiliates are ORHV Sandersville Family Practice, LLC (Case
No. 17-51012), and Oconee Regional Senior Living, Inc. (Case No.
17-51013).
The petitions were signed by Steven M. Johnson, interim chief
executive officer.
The Debtors are represented by Mark I. Duedall, Esq., and Leah
Fiorenza McNeill, Esq., in Atlanta, Georgia.
The Debtors' special counsel is James-Bates-Brannan-Groover-LLP,
while the Debtors' Investment Banker is Houlihan Lokey.
Grant Thornton is the Debtors' financial advisor.
OCONEE REGIONAL: May Pay Prepetition Wages, Payroll Taxes, Benefits
-------------------------------------------------------------------
The Hon. Austin E. Carter of the U.S. Bankruptcy Court for the
Middle District of Georgia has granted Oconee Regional Health
Systems, Inc., and its affiliates authorization to pay prepetition
wages, payroll taxes, certain employee benefits and related
expenses to employees.
The Debtors are authorized (but not directed) to honor and pay all
Employee Obligations, including Unpaid Wages, to remit Deductions
(including the 403(b) Deductions) to the applicable third parties,
to pay all Payroll Taxes, to pay all amounts required to maintain
their Insurance Plans (including remitting funds paid by Employees
for COBRA), to pay the Plan Administration Fee (not to exceed
$500), to pay the Debtors' 401(a) Contribution, and to permit
Employees to utilize any Time-Off Benefits, provided all of the
foregoing amounts and obligations are in the ordinary course of
business. In addition, to the extent any Employee has suffered any
actual monetary penalty or charge due to the inadvertent dishonor
of any check of the Debtors on account of the Employee Obligations,
the Debtors will be allowed to reimburse the employee for the
amount.
The Debtors' banks and financial institutions are authorized to
honor and pay any checks issued, and to make other transfers, in
respect of the Employee Obligations.
Any payments will only be made to the extent allowed by any court
orders authorizing the Debtors to incur postpetition financing or
use cash collateral, including any budget approved by the court
orders.
Any party-in-interest in these Chapter 11 cases will have until
June 5, 2017, to file a written objection to the motion or to this
court order.
If any objection is timely filed and served, then the Court will
convene a hearing to consider the objection, but the court order
will remain in full force and effect and binding in all respects
unless and until there is any further ruling from the Court. If no
objection is timely filed and served, then this court order will be
deemed a final order without need for any further action of the
Court.
A copy of the court order is available at:
http://bankrupt.com/misc/gamb17-51005-55.pdf
About Oconee Regional Medical Center
Oconee Regional Medical Center (ORMC) is located in Milledgeville
near the geographic center of Georgia, providing advanced
healthcare technologies to the 90,000 residents living in the seven
surrounding counties.
Oconee Regional Health Systems, Inc., owner of the Oconee Regional
Medical Center, and six of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. M.D. Ga.) on May 10, 2017. The six
affiliates are Oconee Regional Medical Center, Inc. (Case No.
17-51006), Oconee Regional Health Services, Inc. (Case No.
17-51007), Oconee Regional Emergency Medical Services, Inc. (Case
No. 17-51008), Oconee Regional Health Ventures, Inc., d/b/a Oconee
(Case No. 17-51009), Oconee Internal Medicine, LLC (Case No.
17-51010), and Oconee Orthopedics, LLC (Case No. 17-51011).
Two more affiliates sought bankruptcy protection on May 11, 2017.
These affiliates are ORHV Sandersville Family Practice, LLC (Case
No. 17-51012), and Oconee Regional Senior Living, Inc. (Case No.
17-51013).
The petitions were signed by Steven M. Johnson, interim chief
executive officer.
The Debtors are represented by Mark I. Duedall, Esq., and Leah
Fiorenza McNeill, Esq., in Atlanta, Georgia.
The Debtors' special counsel is James-Bates-Brannan-Groover-LLP,
while the Debtors' Investment Banker is Houlihan Lokey.
Grant Thornton is the Debtors' financial advisor.
OCONEE REGIONAL: Taps Houlihan Lokey as Investment Banker
---------------------------------------------------------
Oconee Regional Health Systems, Inc. seeks approval from the U.S.
Bankruptcy Court for the Middle District of Georgia to hire an
investment banker.
In its application, Oconee proposes to hire Houlihan Lokey Capital,
Inc. to provide these services related to its Chapter 11 case and
those of its affiliates:
(a) distributing marketing materials, soliciting and
evaluating indications of interest and proposals
regarding any transaction from current or potential
lenders, equity investors, acquirers, and strategic
partners;
(b) assisting the Debtors in the development, structuring,
negotiation, and implementation of any transaction;
(c) providing expert advice and testimony regarding financial
matters related to any transaction; and
(d) providing other financial advisory and investment banking
services as may be required by additional issues and
developments not anticipated by the parties.
Houlihan will earn in advance a nonrefundable monthly fee of
$50,000, and will receive these transaction fees:
(a) Restructuring Transaction Fee. The firm will earn a cash
fee of $750,000 upon the earlier to occur of (i) in the
case of an out-of-court restructuring transaction, the
closing of such transaction; and (ii) in the case of an
in-court restructuring transaction, the effective date of
a confirmed plan of reorganization or liquidation.
(b) Sale Transaction Fee. Upon the closing of each sale
transaction, the Debtors will pay the firm a cash fee
from the proceeds based upon aggregate gross
consideration (AGC):
For AGC up to $25 million: $750,000, plus
For AGC from $25 million 3% of the incremental AGC,
to $30 million: plus
For AGC above $30 million: 5% of the incremental AGC
(c) Financing Transaction Fee. Upon the closing of each
financing transaction, the Debtors will pay from the
gross proceeds of such transaction a cash fee equal to
the sum of:
(i) 2% of the gross proceeds of any indebtedness raised
or committed that is senior to other indebtedness of
the Debtors, secured by a first priority lien and
unsubordinated, with respect to both lien priority
and payment, to any other obligations of the Debtors,
and with respect to any debtor-inpossession
financing; and
(ii) 4% of the gross proceeds of any indebtedness raised
or committed that is secured by a lien (other than a
first lien), is unsecured or is subordinated.
Prior to the Debtors' bankruptcy filing, Houlihan received $10,000
as an "expense retainer" to cover miscellaneous expenses.
Andrew Turnbull, managing director of Houlihan, disclosed in a
court filing that his firm is a "disinterested person" as defined
in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Andrew Turnbull
Houlihan Lokey Capital, Inc.
111 South Wacker Dr., 37th Floor
Chicago, IL 60606
Tel: 312-456-4700 / 312-456-4719
Fax: 312-346-0951
About Oconee Regional Medical Center
Oconee Regional Medical Center (ORMC) is located in Milledgeville
near the geographic center of Georgia, providing advanced
healthcare technologies to the 90,000 residents living in the
seven surrounding counties.
Oconee Regional Health Systems, Inc., owner of the Oconee Regional
Medical Center, and six of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. M.D. Ga. Lead Case No. 17-51005) on
May 10, 2017.
On May 11, 2017, two more affiliates ORHV Sandersville Family
Practice, LLC and Oconee Regional Senior Living, Inc. sought
bankruptcy protection. Their cases are jointly administered with
that of ORMC.
The petitions were signed by Steven M. Johnson, interim chief
executive officer.
The Debtors are represented by Mark I. Duedall, Esq., and Leah
Fiorenza McNeill, Esq., in Atlanta, Georgia. The Debtors hired
James-Bates-Brannan-Groover-LLP as special counsel, and Grant
Thornton as financial advisor.
On May 16, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.
OLYMPIA OFFICE: Unsecured Creditors to Get 10% Over 60 Months
-------------------------------------------------------------
Unsecured creditors may receive full payment of their claims under
the latest Chapter 11 plan proposed by Olympia Office LLC and its
affiliates.
Under the latest plan, allowed Class 2 general unsecured claims
will be paid in full, without interest, no later than 18 months
after the effective date of the plan in the event that the $6
million claim of Equity Funding, LLC and its owner Centrum
Financial Services is disallowed by the court.
General unsecured creditors, which assert $110,000 in claims, will
be paid from revenue generated from real properties; sale proceeds
remaining from real property liquidations after payment of the
claim asserted by a noteholder; a refinance of the real properties;
or capital contributions from Consulting Solutions Group LLC.
In the event that Equity Funding's claim is allowed, Class 2
general unsecured claims will be paid 10% pro rata over 60 months
in equal installments, with the first payment to be made on the
first day of the first calendar months following the effective date
and for 59 consecutive months.
General unsecured claims will be paid from revenue generated from
the real properties; sale proceeds remaining from real property
liquidations after payment of the noteholder's claim; or a
refinance of the real properties, according to Olympia Office's
latest disclosure statement filed on May 16 with the U.S.
Bankruptcy Court for the Eastern District of New York.
A copy of the first amended disclosure statement is available for
free at https://is.gd/dtyn0v
About Olympia Office
Olympia Office LLC, based in Cedarhurst, NY, filed a Chapter 11
petition (Bankr. E.D.N.Y. Case No. 16-74892) on Oct. 20, 2016. The
petition was signed by Sung II Han, vice president. The Hon. Alan
S Trust presides over the case. In its petition, the Debtor
estimated $10 million to $50 million in both assets and
liabilities.
The affiliates of Olympia Office LLC: WA Portfolio LLC; Mariners
Portfolio LLC; and Seahawk Portfolio LLC filed separate Chapter 11
bankruptcy petitions (Bankr. E.D.N.Y. Case Nos. 16-75515, 16-75516
and 16-75517, respectively) on Nov. 28, 2016. At the time of
filing, each of the debtor-affiliates had $10 million to $50
million in estimated assets and $50 million to $100 million in
estimated liabilities.
The Debtors are represented by Jordan Pilevsky, Esq., at Lamonica
Herbst & Maniscalco LLP. The Debtors employ Mike Livingston and
Kiemle & Hagood Company as real estate broker.
An official committee of unsecured creditors has not been appointed
in the Chapter 11 case.
OPEXA THERAPEUTICS: Receives Another NASDAQ Noncompliance Notice
----------------------------------------------------------------
Opexa Therapeutics, Inc., received a letter from the listing
qualifications department staff of the NASDAQ Stock Market on May
16, 2017, notifying the Company that the stockholders' equity of
$2,241,693 as reported in the Company's Quarterly Report on Form
10-Q for the period ended March 31, 2017, was below the minimum
stockholders' equity of $2,500,000 required for continued listing
on the NASDAQ Capital Market as set forth in NASDAQ listing rule
5550(b)(1).
The Company has been provided 45 calendar days, or until June 30,
2017, to submit a plan to regain compliance with the minimum
stockholders' equity standard. If the Company's plan to regain
compliance is accepted, NASDAQ may grant an extension of up to 180
calendar days from the date of the notification letter, or until
Nov. 12, 2017, to evidence compliance with the minimum
stockholders' equity standard.
While the Company is exercising diligent efforts to maintain the
listing of its common stock on NASDAQ, and intends to timely
provide NASDAQ with its plan to regain compliance with the minimum
stockholders' equity standard, there can be no assurance that the
plan will be accepted or that if it is the Company will be able to
regain or maintain compliance. If the Company's plan to regain
compliance is not accepted or if it is and the Company does not
regain compliance by Nov. 12, 2017, or if the Company fails to
satisfy another NASDAQ requirement for continued listing, NASDAQ
staff could provide notice that the Company's common stock will
become subject to delisting. In such event, NASDAQ rules permit
the Company to appeal the decision to reject its proposed
compliance plan or any delisting determination to a NASDAQ Hearings
Panel.
As previously disclosed in April 2017, the Company received a staff
deficiency letter from NASDAQ indicating that the Company's common
stock failed to comply with the minimum bid price requirement
because it closed below the $1.00 minimum closing bid price for 30
consecutive trading days. The Company has been granted an 180-day
grace period, or until Oct. 9, 2017, to regain compliance with
NASDAQ's minimum bid price requirement (i.e., by the Company's
common stock maintaining a closing bid price of $1.00 per share or
more for a minimum of 10 consecutive business days during the
additional grace period, or such longer period of time as the
NASDAQ staff may require). The Company is actively monitoring the
closing bid price of its common stock and evaluating options to
resolve the bid price deficiency. However, there can be no
assurance that the Company will be able to regain or maintain
compliance with the NASDAQ listing standards.
About Opexa
Opexa Therapeutics, Inc., is a biopharmaceutical company
developing
a personalized immunotherapy with the potential to treat major
illnesses, including multiple sclerosis (MS) as well as other
autoimmune diseases such as neuromyelitis optica (NMO). These
therapies are based on its proprietary T-cell technology. The
Company's mission is to lead the field of Precision Immunotherapy
by aligning the interests of patients, employees and shareholders.
Opexa incurred a net loss of $7.98 million for the year ended
Dec. 31, 2016, compared to a net loss of $12.01 million for the
year ended Dec. 31, 2015. As of Dec. 31, 2016, Opexa had $3.86
million in total assets, $1.16 million in total liabilities and
$2.70 million in total stockholders' equity.
Malonebailey, LLP -- http://www.malonebailey.com/-- in Houston,
Texas, issued a "going concern" qualification on the consolidated
financial statements for the year ended Dec. 31, 2016, citing that
the Company has incurred recurring losses, negative operating cash
flows and an accumulated deficit that raise substantial doubt about
its ability to continue as a going concern.
PARAGON POOLS: Amends Plan Outline to Correct Ch. 11 Case No.
-------------------------------------------------------------
Paragon Pools Corporation filed a first amended disclosure
statement to correct the Chapter 11 case number written in the
original disclosure statement dated May 9. The May 9 Disclosure
Statement indicated that the Debtor's Chapter 11 case no. is
17-16342. The First Amended Disclosure Statement corrected that to
Case No. 16-16342.
A full-text copy of the First Amended Disclosure Statement dated
May 12, 2017, is available at:
http://bankrupt.com/misc/nvb16-16342-94.pdf
About Paragon Pools
Based in Las Vegas, Nevada, Paragon Pools Corporation is a licensed
and bonded contractor that designs and constructs inground custom
pools and spas for commercial and residential properties throughout
the Las Vegas Valley and surrounding areas. The Debtor was founded
in 2001 by Joseph M. Vassallo
The Debtor filed a Chapter 11 petition (Bankr. D. Nev. Case No.
16-16342) on Nov. 28, 2016. The petition was signed by Joseph M.
Vassallo, president. In its petition, the Debtor declared $23,554
in total assets and $1.57 million in total liabilities.
Judge August B. Landis, presides over the case. Ryan Andersen of
Andersen Law serves as bankruptcy counsel.
A copy of the Debtor's list of 19 largest unsecured creditors is
available for free at http://bankrupt.com/misc/nvb16-16342.pdf
PARIS ART LABEL: Getzler Was M&T Advisor in Loan Recoupment
-----------------------------------------------------------
Getzler Henrich & Associates acted as an advisor to M & T Bank in
their recoupment of Revolver, Term Loan and Mortgages, upon the
sale of the assets of Paris Art Label. The company had been in
default of its loan agreement since 2015, due to the abrupt loss of
a major customer that severely hampered its working capital.
In March 2017, Multi Packaging Solutions International announced it
has signed a letter of intent to acquire the business of Paris Art
Label Company, Inc., subject to standard completion of diligence
steps and Board of Directors’ approval which is expected to be
completed on or about March 31, 2017.
PAYLESS HOLDINGS: Has Final Approval of $385M DIP Financing
-----------------------------------------------------------
Payless Holdings, LLC, and affiliates received final approval to
obtain financing in the form of (i) a $305 million (aggregate
amount) asset-based lending facility consisting of a $245 Tranche A
Credit Facility and a $60 million Tranche A-1 Credit Facility; and
(ii) a term loan facility in an aggregate amount not to exceed $80
million.
Wells Fargo Bank, National Association, TPG Specialty Lending,
Inc., and the other lenders party thereto are providing the DIP ABL
Facilities. The DIP ABL Facilities will mature in 210 days.
Cortland Products Corp., as Administrative Agent and as Collateral
Agent, and certain prepetition lenders are providing the DIP Term
Loan Facility. The facility will mature in 201 days.
The Hon. Kathy A. Surratt-States' final order is available for free
at http://bankrupt.com/misc/moeb17-42267-778.pdf
The Debtors will draw the $30 million under the DIP Term Credit
Facility pursuant to the Final Order. The DIP Term Credit Facility
will also provide the Debtors with access to the liquidity they
need to emerge from chapter 11, as it provides for $50 million in
additional liquidity that would be available to be drawn following
entry of a disclosure statement order and through the Effective
Date. A final draw of remaining availability under the DIP Term
Facility, if any, may be made prior to emergence in an amount
sufficient to provide the Debtors with no more than $25 million of
liquidity upon emergence.
About Payless Holdings
Payless -- http://www.payless.com/-- was founded in 1956 as an
everyday footwear retailer. It has more than 4,000 stores in more
than 30 countries, and employs approximately 22,000 people. It is
headquartered in Topeka, Kansas, but its operations span across
Asia, the Middle East, Latin America, Europe, and the United
States.
Payless first traded publicly in 1962, and was taken private in May
2012. Payless Holdings, LLC currently owns, directly or
indirectly, each of its 91 subsidiaries.
Payless Holdings LLC and its subsidiaries sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mo. Lead Case No.
17-42267) on April 4, 2017. The petitions were signed by Paul J.
Jones, chief executive officer.
At the time of the filing, the Debtors estimated their assets at
$500 million to $1 billion and liabilities at $1 billion to $10
billion.
The Debtors hired Alvarez & Marsal North America LLC as
restructuring advisor; Prime Clerk LLC as claims, balloting and
administrative agent; and Osler, Hoskin & Harcourt LLP as CCAA
counsel.
On April 14, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.
On April 25, 2017, the Debtors filed a disclosure statement, which
explains its proposed Chapter 11 plan of reorganization. The
Debtors' plan, if confirmed and implemented, would reduce their
debt to $469 million.
PEN INC: Posts $94,400 Net Income for First Quarter
---------------------------------------------------
Pen Inc. filed with the Securities and Exchange Commission its
quarterly report on Form 10-Q disclosing net income of $94,412 on
$2.21 million of total revenues for the three months ended March
31, 2017, compared with a net loss of $119,935 on $1.97 million of
total revenues for the three months ended March 31, 2016.
As of March 31, 2017, Pen Inc. had $3.11 million in total assets,
$3.54 million in total liabilities, and a total stockholders'
deficit of $432,374.
The Company had a working capital deficit of $(917,040) and
$305,402 of cash as of March 31, 2017, and a working capital
deficit of $(1,072,691) and $189,128 of cash as of Dec. 31, 2016.
The decrease in working capital deficit was primarily attributable
to income from operations of $69,414 and other income of $24,998.
Net cash provided by operating activities was $151,188 for the
three months ended March 31, 2017, as compared to net cash used in
operating activities of $92,064 for three months ended March 31,
2016, an increase of $243,252.
Net cash flow provided by operating activities for the three months
ended March 31, 2017 primarily reflected a net income of $94,412,
plus the add-back of non-cash items totaling $118,110, partially
offset by $61,334 of cash used to fund changes in operating assets
and liabilities.
Net cash flow used in operating activities for the three months
ended March 31, 2016, primarily reflected a net loss of $119,935
and the add-back of non-cash items consisting of depreciation and
amortization of $47,180, stock-based compensation expense of
$47,310, and other non-cash items of $(11,062), and changes in
operating assets and liabilities primarily consisting of an
increase in inventory of $135,203 and a decrease in accrued
expenses of $128,450, and a decrease in deferred revenues of
$21,692 offset by a decrease in accounts receivable (third party
and related party) of $151,579, an increase in accounts payable of
$75,091, and a decrease in prepaid expenses and other current
assets of $3,118.
For the three months ended March 31, 2017, the Company had no net
cash flow provided by or used in investing activities. During the
three months ended March 31, 2016, net cash flow provided by
investing activities of $21,866 related to the sale of property and
equipment in our Contract services segment.
Net cash used in financing activities was $34,914 for the three
months ended March 31, 2017, as compared to $57,108 in the same
period in 2016. During the three months ended March 31, 2017, the
Company had net repayments of bank loans of $18,595 and had net
repayments of the bank line of credit of $13,864. During the three
months ended March 31, 2016, the Company had net repayments bank
loans of $18,596 and had net repayments of the bank line of credit
of $38,512.
"Our principal future uses of cash are for working capital
requirements, including sales and marketing expenses, legal and
other professional fees, capital expenditures and reduction of
accrued liabilities. These uses will depend on numerous factors
including our sales and other revenues, and our ability to control
costs. Recently, we have financed our working capital needs
primarily through internally generated funds, and bank loans. We
collect cash from our customers based on our sales to them and
their respective payment terms. Over the past year we have reduced
the scope of our operations to reduce our costs and enable us to
operate without raising additional capital, although there can be
no assurance that additional capital will not be needed in future
periods. We will continue to look for opportunities to raise funds
to permit us to increase the marketing of our products."
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/fyx07K
About Pen Inc.
Headquartered in Miami, Florida, PEN develops, commercializes and
markets consumer and industrial products enabled by nanotechnology
that solve everyday problems for customers in the optical,
transportation, military, sports and safety industries. The
Company's primary business is the formulation, marketing and sale
of products enabled by nanotechnology including the ULTRA CLARITY
brand eyeglass cleaner, CLARITY DEFOGIT brand defogging products
and CLARITY ULTRASEAL nanocoating products for glass and ceramics.
The Company also sells an environmentally friendly surface
protector, fortifier, and cleaner. The Company's design center
conducts product development services for government and private
customers and develops and sells printable inks and pastes, thermal
management materials, and graphene foils and windows.
PEN was formed in 2014, and is the successor to Applied Nanotech
Holdings Inc. that had been formed in 1989. In the combination
that created PEN, Nanofilm, Ltd. acquired Applied Nanotech
Holdings, Inc. The Company's principal operating segments coincide
with its different business activities and types of products sold.
This is consistent with the Company's internal reporting
structure.
PEN Inc. reported a net loss of $556,001 on $8.11 million of total
revenues for the year ended Dec. 31, 2016, compared to a net loss
of $1.86 million on $9.68 million of total revenues for the year
ended Dec. 31, 2015.
Salberg & Company, P.A., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2016, citing that the Company has a net
loss in 2016 of $556,001, and has an accumulated deficit,
stockholders' deficit and working capital deficit of $5,900,167,
$578,096 and $1,072,691, respectively, at Dec. 31, 2016. These
matters raise substantial doubt about the Company's ability to
continue as a going concern.
PHOTO STENCIL: Photo Stencil Mexico Buying Stencil Laser for $70K
-----------------------------------------------------------------
Photo Stencil, LLC, asks the U.S. Bankruptcy Court for the District
of Colorado to authorize the sale of 2010 Tannlin Model TX-10, CNC
Stencil Laser, Fiber Laser Type, Serial No. 158173-A-1-1, to Photo
Stencil S. de R.L. de C.V. ("Photo Stencil Mexico") for $70,000.
The Debtor owns the Stencil Laser subject to a purchase money
security interest in favor of PMC Financial Services Group, LLP.
PMC filed Claim No. 49-1, asserting a secured claim in the amount
of $1,876,703. PMC has consented to the sale of the Laser.
The Debtor previously owned Photo Stencil Mexico prior to the
Debtor's sale of Photo Stencil Mexico to PS Holding 1, LLC and PS
Holding 2, LLC in September 2015. Photo Stencil Mexico
manufactures laser cut stencils from its facilities in Jalisco,
Mexico.
The Debtor proposes to sell the Laser to Photo Stencil Mexico free
and clear of all liens, claims, and encumbrances. The Buyer has
agreed to pay the Debtor $70,000 for the Laser. The Buyer will
further pay all packing, crating, and shipping costs associated
with transporting the Laser from Colorado to Mexico. Upon
completion of the sale, the Debtor asks authority to pay the
proceeds of the sale to PMC on account of its purchase money
security interest.
The sale of the Laser to the Buyer is in the best interests of the
Debtor, its estate, and its creditors. The Laser is not being used
by the Debtor, and selling the Laser to the Buyer will allow the
Debtor to eliminate the Debtor's costs to maintain the Laser, and
will reduce PMC's claim against the Debtor. The Debtor further
believes that the sale price is fair and reasonable. Accordingly,
the Debtor asks the Court to approve the sale of the Stencil Laser
to the Buyer.
The Debtor further asks a waiver of the 14-day stay of an Order
authorizing the sale in accordance with Fed. R. Bankr. P. 6004(h).
About Photo Stencil
Photo Stencil, LLC, designs and makes high-performance stencils,
squeegee blades, and tooling for the surface mount assembly, solar,
and semiconductor industries. The company designs and manufactures
high end stencils for the electrical component industry and is the
only such company with such capability in North America. It
operates out of its facility located at 16080 Table Mountain
Parkway, Suite 100, Golden, Colorado.
Photo Stencil filed a Chapter 11 petition (Bankr. D. Colo. Case No.
16-16897) on July 12, 2016. The petition was signed by Eric
Weissman, CEO. The Debtor estimated assets of $1 million to $10
million and debt of $10 million to $50 million at the time of the
filing. The case is assigned to Judge Michael
E. Romero. The Debtor is represented by Lee M. Kutner, Esq., at
Kutner Brinen, P.C.
PIONEER ENERGY: Shareholders Elect Two Directors
------------------------------------------------
Pioneer Energy Services Corp. held its 2017 annual meeting on
May 17, 2017, at which the shareholders:
(1) elected Dean A. Burkhardt and Scott D. Urban as Class I
directors to hold office until the Company's 2020 Annual
Meeting of Shareholders;
(2) approved an amendment to the Restated Articles of
Incorporation to increase the authorized shares of common
stock of the Company from 100,000,000 shares, par value
$0.10 per share, to 200,000,000 shares, par value $0.10 per
share;
(3) approved, on an advisory basis, the compensation paid to the
Company's named executive officers;
(4) voted, on an advisory basis, to hold future advisory votes
on executive compensation once a year; and
(5) ratified the appointment of KPMG LLP as the Company's
independent registered public accounting firm for the 2017
fiscal year.
Consistent with the votes cast by a majority of the shares of
common stock present and entitled to vote with respect to this
proposal, the Company's Board of Directors has determined that a
shareholder advisory vote on the compensation of the Company's
named executive officers will be conducted every year until the
next required vote on the frequency of shareholder votes on the
compensation of the Company's named executive officers.
About Pioneer Energy
Pioneer Energy Services Corp. provides land-based drilling services
and production services to a diverse group of independent and large
oil and gas exploration and production companies in the United
States and internationally in Colombia. The Company also provides
two of its services (coiled tubing and wireline services) offshore
in the Gulf of Mexico.
Pioneer Energy reported a net loss of $128.39 million in 2016
following a net loss of $155.14 million in 2015. As of March 31,
2017, Pioneer Energy had $708.32 million in total assets, $451.09
million in total liabilities and $257.23 million in total
shareholders' equity.
* * *
As reported by the TCR on March 7, 2016, Moody's Investors Service,
on March 3, 2016, downgraded Pioneer Energy's Corporate Family
Rating (CFR) to 'Caa3' from 'B2', Probability of Default Rating
(PDR) to 'Caa3-PD' from 'B2-PD', and senior unsecured notes to 'Ca'
from 'B3'. "The rating downgrades were driven by the material
deterioration in Pioneer Energy's credit metrics through 2015 and
our expectation of continued deterioration through 2016. The
demand outlook for drilling and oilfield services is extremely
weak, as witnessed by the steep and continued drop in the US rig
count" said Sreedhar Kona, Moody's vice president. "The negative
outlook reflects the deteriorating fundamentals of the services
sector and the likelihood of covenant breaches."
The TCR reported on March 20, 2017, that S&P Global Ratings
affirmed its 'B-' corporate credit rating on Pioneer Energy. The
outlook is negative.
PLYMOUTH EDUCATIONAL: S&P Affirms 'B-' Rating on 2005 School Bonds
------------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed its 'B-' long-term rating on Plymouth Educational Center
Charter School, Mich.'s series 2005 public school academy revenue
and refunding bonds.
"The negative outlook reflects the uncertainty associated with
Plymouth's charter contract and the potential for non-renewal as
its term approaches expiration on June 30, 2018," said S&P Global
Ratings Credit analyst Avani Parikh.
In March 2017, Central Michigan University (CMU) issued a notice of
material breach of contract as a result of the school's designation
in the lowest achieving 5% in the state, which places the school
under the supervision of the state's reform office. S&P
understands the school has submitted a corrective action plan to
both CMU and the state, which is currently being reviewed. At this
time, no action has been taken and Plymouth's contract remains in
place until the end of the 2017-2018 school year. However, there is
heightened uncertainty as to whether CMU will renew the contract
beyond this timeframe, and S&P understands the authorizer expects
to monitor the school's progress both academically and financially
before making a renewal decision over the next year. In S&P's
view, Plymouth's rapidly declining enrollment and weak financial
metrics amplify the school's already susceptible position. S&P
believes the bonds could be vulnerable to nonpayment, but believe
Plymouth currently has the capacity to continue to meet its
financial obligations given the valid charter contract for at least
another year, thus precluding a lower rating at this time.
The negative outlook reflects S&P's view of increased credit risk
associated with potential non-renewal of the school's charter,
combined with Plymouth's weak operations, low annual and MADS
coverage, combined with limited balance sheet, enrollment, and
demand flexibility which cannot withstand any deterioration.
S&P could consider a lower rating, potentially by multiple notches,
within S&P's one-year outlook period if CMU elects for non-renewal
of Plymouth's charter contract, and the school is unable to secure
an alternative arrangement. In addition, if the school's academic
performance, financial metrics, or enrollment trends fail to
improve, leaving the school vulnerable to payment default, S&P
would view this negatively.
A positive rating action, including a return to a stable outlook,
would be predicated on a successful charter renewal, material
improvement in academic outcomes, enrollment stabilization, and
sustained improvement in financial metrics thereby speaking to the
school's longer-term viability.
PRECISE CORPORATE: Hearing on Disclosure Statement Set for June 14
------------------------------------------------------------------
The U.S. Bankruptcy Court in Arizona is set to hold a hearing on
June 14, to consider approval of the disclosure statement, which
explains the proposed Chapter 11 plan of liquidation for Precise
Corporate Staging LLC and its affiliates.
The hearing will take place at 11:00 a.m., at Courtroom 601, 230 N.
First Avenue, Phoenix, Arizona. Objections must be filed no later
than five business days prior to the hearing.
The liquidating plan proposes to pay Class 6 general unsecured
claims from the sale of vehicle and real property located at 1530
W. 10th Place, Tempe, Arizona. General unsecured creditors assert
$106,190.72 in claims.
About Precise Corporate
Precise Corporate Staging LLC, Dedicated Staging, LLC, and DavMar
Investments, LLC, collectively own and manage an audio/visual
staging business that coordinates and provides lighting, audio, and
visual for conferences, concerts, and similar events in Arizona and
across the United States.
The Debtors filed voluntary petitions for relief under Chapter 11
of the Bankruptcy Code (Bankr. D. Ariz. Case Nos. 16-14281,
16-14283, and 16-14284) on December 20, 2016. The cases are
jointly administered.
Precise Corporate's petition was signed by its managing member,
Marla Stern. It is represented by John C. Smith, Esq., at Gerald &
Smith Law Offices, PLLC. At the time of filing, Precise Corporate
estimated assets of less than $100,000 and liabilities of $1
million to $10 million.
No trustee or examiner has been appointed in the Debtors' cases.
PRESBYTERIAN VILLAGES: Fitch Affirms BB+ on $30.5MM Revenue Bonds
-----------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' rating on the following bonds
issued on behalf of the Presbyterian Villages of Michigan Obligated
Group (PVM OG):
-- $30.5 million Michigan Finance Authority revenue and refunding
bonds (Presbyterian Villages of Michigan) series 2015.
The Rating Outlook is Stable.
SECURITY
Bonds are secured by a pledge of unrestricted receivables, a
mortgage on certain properties, and debt service reserve fund.
KEY RATING DRIVERS
MIXED FINANCIAL PROFILE: PVM OG's financial profile is
characterized by a thin operating performance and thin liquidity,
which is offset by a manageable debt burden. Overall, PVM OG's
financial profile is adequate, with maximum annual debt service
coverage (MADS; 2x in 2016) particularly strong for the rating
level, reflecting the manageable burden.
SLOW START IN 1Q17: Below budget occupancy and a delay in
management fees and capitalized interest led to the operating ratio
climbing to above 100% and MADS coverage falling to below 1x.
Independent living (IL) occupancy was 82% after it had reached a
high 88% at year-end 2015, which affected patient service revenues,
which were down year-over-year (YOY) both in the first quarter of
2017 (1Q17) and at year-end 2016. IL occupancy at Westland
continues to trail budget, while IL occupancy at East Harbor
remained strong at approximately 98%.
SKILLED NURSING REVENUE EXPOSURE: The majority of PVM OG's revenues
are derived from skilled nursing services. This level of skilled
exposure leads to limited pricing power (given the majority of the
skilled nursing revenues are from government sources) and coupled
with the lower IL occupancy, contributes to PVM's thin cash flow.
EAST HARBOR EXPANSION: PVM OG will likely move forward on a 104 IL
apartment and cottage expansion within the next year. Project
construction is expected to start in March 2018 and cost between
$17 million and $20 million. The majority of the costs are expected
to be funded by a bank loan outside the PVM OG, but the OG is
expected to provide a debt guarantee that would burn off as the
project reaches certain EBITDA targets. However, funding for the
project has not yet been finalized and may also include an advance
or equity contribution from the PVM OG. East Harbor currently has a
waitlist of over 100 people, which supports an expansion on that
campus.
Rating Sensitivities
RATING SENSITIVITIES
CAPITAL PLANS: Should Presbyterian Villages of Michigan Obligated
Group (PVM OG) move forward on the 104 unit independent living
expansion there would be credit risk associated with the additional
debt (even if project is funded outside the OG), any equity
contribution or advance, project construction, and the fill up of
the new units. Project cost over runs or slow fill up could lead to
rating pressure.
OPERATIONAL PERFORMANCE: A further weakening in PVM OG's financial
results or a drop in liquidity could also pressure the rating.
CREDIT PROFILE
Headquartered in Southfield, MI, PVM OG consists of PVM Corporate,
a foundation, and rental continuing care retirement communities in
Westland and Chesterfield Township, MI, and a PVM entity that is a
general partner in a PVM non-OG affordable housing campus.
The two PVM OG campuses total 289 independent rental units, 126
assisted living (AL) units, and 90 skilled nursing beds. The PVM OG
group reported $30.8 million in operating revenue in 2016.
PVM also has an ownership interest in approximately 1,780 IL and AL
units through non-obligated entities, most of which it manages and
an equity interest in a Programs of All-Inclusive Care for the
Elderly or PACE program.
OG UPDATE/PERFORMANCE
The PVM OG had a mixed performance year in 2016. Patient service
revenue was down approximately 4%, but a larger amount of assets
released from restriction from the PVM Foundation helped shore up
the overall financial performance, with MADS coverage remaining
good at 2x, even as other operating metrics weakened. Year end
results show PVM OG's operating ratio at 97.2% and its operating
margin at a negative 6.9%, both weaker than in 2015, when the
operating ratio was 95.2x and the operating margin 3.2%.
The drop in revenue was due largely to lower IL occupancy which
fell to 82% at year-end 2016 from 88% at year-end 2015. The lower
IL occupancy reflects continued challenges at the Westland campus,
where IL occupancy remains in the 70% range. The weaker performance
persisted into the 1Q17 with below budget occupancy continuing to
hamper revenue growth. AL and skilled nursing occupancy remained
consistent with historical levels at 85% and 91%, respectively, at
March 31, 2017.
While this stretch of weaker performance is a credit concern, PVM
OG has additional revenue coming from management fees that are
expected to come online over the next few years and could bring an
additional $1 million in yearly revenue. Management has also been
putting additional resources into marketing and these efforts were
ramping up through the end of last year. The additional resources
and focus on marketing should yield benefits through the rest of
2017.
PVM OG's financial performance has historically been adequate and
even a slight improvement in IL occupancy and a return to resident
service revenue growth would positively affect performance at the
current rating level. However, as two capital projects are being
undertaken at East Harbor, a continued weakening of performance
could pressure the rating.
At March 31, 2017, the PVM OG had unrestricted cash and investments
of $11.4 million, which equated to 154 days cash on hand and 35.2%
cash to debt, relative to Fitch's non-investment grades medians of
256 and 34.9%, respectively. Unrestricted liquidity has remained
flat through the four year historical period, as unrestricted cash
and investments were $11.3 million at Dec. 31, 2013. The lack of
growth in unrestricted liquidity is due to thinner cash flow,
capital investments, and advancements to non-OG PVM affiliates.
At Dec. 31, 2016, the receivable on the advances stood at $9.7
million relative to $7.7 million at year-end 2015. The increase in
the receivables was partly a transfer of donations and grant funds
raised, and partly an improvement in equity as a result of PACE
performance. The PVM OG expects to receive a cash return on
investment for PACE.
East Harbor Capital Plans
The PVM OG has begun a skilled nursing project on the campus of
East Harbor. The project includes renovations to the existing AL,
memory loss units, common areas, and licensed nursing areas and the
construction of a new transitional care unit wing and
rehabilitation center. The project is expected to last through the
middle of 2018 and will cost approximately $10 million. Funding for
the project is coming from remaining 2015 bonds funds,
philanthropy, proceeds from the sale of the Redford campus, and a
$2 million bank loan.
The PVM OG is also in the planning phases of a sizable 104 unit
expansion (80 apartments and 24 cottages) at East Harbor. The
project is expected to cost between $17 million and $20 million and
approximately $14 million of the project will be funded by a bank
loan that will be outside the OG. However, it is expected that the
PVM OG will guarantee the debt during the construction and fill up
phases, with the guarantee burning off once the project meets
certain EBTIDA targets.
The loan execution and the start of the construction are expected
to happen in the next six to eight months. The funding for the
remaining cost of the project is uncertain but could include an
advance of funds or an equity contribution from the PVM OG. The
East Harbor campus has been a strong financial performer and East
Harbor currently has a strong demand for services, as indicated by
high IL occupancy of 98% and a waitlist of a 131 (the expansion
project will not have pre-sales as it is a rental project).
However, the project will more than double the number of units on
that campus, which presents a high level of fill-up risk.
Even though the project will be funded outside the OG, Fitch will
analyze the project in its analysis of the PVM OG as the project is
located on an OG campus and the PVM OG will be guaranteeing the
debt during the critical construction and fill up phases. Given the
PVM OG's thin financial profile, with limited liquidity and a
weaker trend in performance, the project has the potential to
pressure the rating should the project run into challenges or
depending on the amount of any funds transferred out of the OG in
support of the project.
Debt Profile
The vast majority of the PVM OG's $30 million in long-term debt is
fixed rate. The PVM OG will be closing on a drawdown bank loan of
$2 million in mid-to-late June, which will help fund the skilled
nursing project at East Harbor. The loan is variable rate and when
fully drawn will add approximately $100,000 a year in addition debt
service. There are no outstanding swaps.
The PVM OG's debt burden is manageable as indicated by MADS as a
percent of revenue of 7.7% at March 31, 2017, relative to Fitch's
non-investment grade median of 15.8%.
DISCLOSURE
PVM provides annual audited financial statements and quarterly
unaudited financials, including an extensive MD&A, to the Municipal
Securities Rulemaking Board's EMMA system.
QUOTIENT LIMITED: Reports MosaiQ Progress & Financial Results
-------------------------------------------------------------
Quotient Limited reported continued progress on the commercial
scale-up of MosaiQ and financial results for its fourth quarter and
fiscal year ended March 31, 2017.
"Tremendous progress continues to be made towards the full
commercial launch of MosaiQ in Europe later this year. The initial
manufacturing system for MosaiQ Microarrays is now commissioned and
validated. Working with our partner STRATEC, we have now taken
delivery of the first "commercially ready" MosaiQ Instrument," said
Paul Cowan, chairman and chief executive officer of Quotient.
"Internal validation studies are now underway for the initial
MosaiQ applications, with European field trials scheduled to
commence early in the third calendar quarter of 2017. We look
forward to sharing the results of the internal validation studies
and European field trials when they are completed later this
summer."
MosaiQ Platform
MosaiQ, Quotient's next-generation automation platform for blood
grouping and disease screening, represents a transformative and
highly disruptive testing platform for transfusion diagnostics,
with an established capability to detect antibodies and antigens.
Feasibility has also been demonstrated with respect to the
detection of nucleic acids (DNA or RNA). Through MosaiQ, Quotient
aims to deliver substantial value to donor testing laboratories
worldwide with a unified instrument platform to be utilized for
blood grouping and both serological and molecular disease screening
of donated red blood cells and plasma.
Assay Performance
Assay performance for the initial blood grouping and disease
screening applications continues to meet expectations. The Company
has taken the opportunity over the past four weeks to further
optimize the spot recognition algorithm for the antibody detection
assay.
Quotient has commenced formal internal validation studies for the
MosaiQ IH Microarray and the MosaiQ SDS Microarray (for CMV and
Syphilis). These studies are designed to mimic the subsequent
field trials. This work is expected to be completed in July.
Regulatory and Commercial Milestones
* European Field Trials -- Quotient expects to commence
European field trials in the third calendar quarter of 2017
* European Regulatory Approval -- Quotient expects to file for
European regulatory approval for MosaiQ in the second half of
2017
* European Commercialization -- Quotient has commenced the
commercialization of MosaiQ in Europe, where it has already
received invitations to participate in tenders to be awarded
in mid 2018
* U.S. Field Trials -- Quotient expects to commence U.S. field
trials during the second half of calendar 2017
* U.S. Regulatory Approval -- Quotient expects to file for U.S.
regulatory approval and clearance for MosaiQ around the end
of calendar 2017
* U.S. Commercialization -- If approved for sale, Quotient
expects to begin marketing MosaiQ in the U.S. in early 2019
Fiscal Fourth Quarter and Full Year Financial Results
"The conventional reagent business generated record results in
terms of revenue and profitability during fiscal 2017, with total
revenues growing 20% year-over-year," said Paul Cowan. "Quotient
generated product sales and gross profit growth of 12% and 11%,
respectively, during fiscal 2017. We are targeting a continuation
of solid growth and profitability for this business in the coming
fiscal year."
Capital expenditures totaled $20.2 million in fiscal 2017 ("FY17"),
compared with $29.0 million in fiscal 2016 ("FY16"), reflecting
continued investment in the Eysins, Switzerland manufacturing
facility and manufacturing equipment for MosaiQ consumables, along
with expenditures related to the construction of a new conventional
reagent manufacturing facility near Edinburgh, Scotland.
Quotient ended FY17 with $20.8 million in cash and other short term
investments, $80.7 million of long-term debt and $5.0 million in an
offsetting long term cash reserve account. On April 10, 2017,
Quotient completed an equity offering raising $45.2 million, net of
expenses.
Outlook for the Fiscal Year Ending March 31, 2018
* Total revenue in the range of $33 to $34 million, including
other revenue (product development fees) of approximately $12
million. Forecast other revenue assumes the receipt of
milestone payments contingent upon achievement of regulatory
approval for certain products under development, including
MosaiQ. The receipt of these milestone payments involves
risks and uncertainties.
* Product sales of $21 to $22 million, compared with FY17
Product sales of $20 million.
* Operating loss in the range of $63 to $68 million, including
non-cash charges for depreciation, amortization and stock
compensation totaling approximately $15 million.
* Capital expenditures in the range of $25-$30 million.
Product sales in the first quarter of fiscal 2018 are expected to
be within the range of $5.7 to $6.0 million, compared with $5.7
million for the first quarter of FY17.
Quarterly product sales can fluctuate depending upon the shipment
cycles for red blood cell based products, which account for
approximately two-thirds of current product sales. These products
typically experience 13 shipment cycles per year, equating to three
shipments of each product per quarter, except for one quarter per
year when four shipments occur. The timing of shipment of bulk
antisera products to OEM customers may also move revenues from
quarter to quarter. Some seasonality in demand is also experienced
around holiday periods in both Europe and the United States. As a
result of these factors, Quotient expects to continue to see
seasonality and quarter-to-quarter variations in product sales.
The timing of product development fees included in other revenues
is mostly dependent upon the achievement of pre-negotiated project
milestones.
For the three months ended March 31, 2017, Quotient Limited
reported a net loss of $20.30 million on $5.52 million of total
revenue compared to a net loss of $9.51 million on $5.04 million of
total revenue for the same period in 2016.
For the year ended March 31, 2017, the Company recognized a net
loss of $85.06 million on $22.22 million of total revenue compared
to 1oss of $33.87 million on $18.52 million of total revenue for
the year ended March 31, 2016.
As of March 31, 2017, Quotient Limited had $109.97 million in total
assets, $134.06 million in total liabilities and a total
shareholders' deficit of $24.09 million.
A full-text copy of the press release is available for free at:
https://is.gd/B5fN7D
About Quotient Limited
Penicuik, United Kingdom-based Quotient Limited is a
commercial-stage diagnostics company committed to reducing
healthcare costs and improving patient care through the provision
of innovative tests within established markets. With an initial
focus on blood grouping and serological disease screening, Quotient
is developing its proprietary MosaiQ technology platform to offer a
breadth of tests that is unmatched by existing commercially
available transfusion diagnostic instrument platforms. The
Company's operations are based in Edinburgh, Scotland; Eysins,
Switzerland and Newtown, Pennsylvania.
Quotient Limited reported a net loss of US$85.06 million for the
year ended March 31, 2017, a net loss of US$33.87 million for the
year ended March 31, 2016, a net loss of US$59.05 million for the
year ended March 31, 2015, and a net loss of US$10.16 million for
the year ended March 31, 2014.
Ernst & Young LLP, in Belfast, United Kingdom, issued a "going
concern" qualification on the consolidated financial statements for
the year ended March 31, 2017, citing that the Company has
recurring losses from operations and planned expenditure exceeding
available funding that raise substantial doubt about its ability to
continue as a going concern.
R & A PROPERTIES: Taps Wandro & Associates as Legal Counsel
-----------------------------------------------------------
R & A Properties, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Iowa to hire legal counsel in
connection with its Chapter 11 case.
The Debtor proposes to hire Wandro & Associates P.C. to, among
other things, give advice regarding matters of bankruptcy law, and
assist in the preparation and implementation of a bankruptcy plan.
The firm received a retainer in the amount of $15,000.
Wandro & Associates is a "disinterested person" as defined in
section 101(14) of the Bankruptcy Code, according to court
filings.
The firm can be reached through:
Terry L. Gibson, Esq.
Wandro & Associates P.C.
2501 Grand Avenue, Suite B
Des Moines, IA 50312
Tel: (515) 281-1475
Fax: (515) 281-1474
Email: tgibson@2501grand.com
About R & A Properties Inc.
Based in Urbandale, Iowa, R & A Properties Inc. listed its business
as a single-asset real estate. The Company has a fee simple
interest in certain properties in Des Moines.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Iowa Case No. 17-01000) on May 22, 2017. Robert
J. Colosimo, treasurer and director, signed the petition.
At the time of the filing, the Debtor disclosed $192,307 in assets
and $2.54 million in liabilities.
RECOM INC: May Use First Home's Cash Collateral Until June 22
-------------------------------------------------------------
The Hon. Donald R. Cassling of the U.S. Bankruptcy Court for the
Northern District of Illinois has entered an interim order
authorizing Recom, Inc., to use the cash collateral of its
creditor, First Home Bank, until June 22, 2017, at 5:00 p.m.
The Debtor will use cash to pay ordinary and necessary business
expenses and administrative expenses for the items and in use that
will not vary materially from that provided for in the Budget and
monthly projections, except for variations attributable to
expenditures specifically authorized by court order, or as
otherwise authorized by FHB in writing, and those payments to FHB
under the terms of the interim court order. To the extent that
there will be any material increase in the amount of the expenses
set forth, to the extent that the budget and projections will be
exceeded by more than 5% for any given monthly period of time, the
Debtor must obtain written consent, in writing, from FHB for
increased expense, or Court order authorizing otherwise.
The Debtor will grant FHB a replacement lien, to the extent of the
Debtor's use of cash collateral and adequate protection, in all
postpetition inventory, accounts, rights to payment equipment,
tangibles, general intangibles, officer, director, and employee
loans, any after acquired equipment, assets, rights to payment,
furniture, fixtures, equipment, electronics, or any other property,
as may be authorized by the Court after notice and a hearing with
liens being of the same priority, dignity, nature, and effect as
FHB's prepetition lien, but excluding all of the Debtor's rights,
claims, and demands, if any, under Chapter 5 of the U.S. Bankruptcy
Code.
The Debtor will carry a sufficient amount of insurance on its
assets and FHB's collateral in an amount of no less than $350,000
and will provide proof of insurance reasonably acceptable to FHB,
including declaration pages for general liability and coverage.
The Debtor will make adequate protection payments to FHB by
remitting monthly payments in the amount of $2,300 on the first day
of each month through the term of the interim court order or any
extensions hereto.
The Debtor covenants and agrees that from the Petition Date through
the end of the term of the interim court order, and any extensions
hereof, it will maintain no less than a $350,000 minimum aggregate
book value of: (i) accounts receivable, whether incurred on a
pro-petition or post-petition basis, including prepaid deposits;
(ii) cash; (iii) retainages; and (iv) equipment, inventory,
furniture, fixtures, computers, computer accessories, computer
repair and refurbishments equipment and tools, and all other
tangible personal property items located at the Debtor's principal
place of business; (v) loans payable to the Debtor by any officers,
directors, employees, or unit members of the Debtor; and (vi) the
Debtor will not sell, transfer, convey, dispose of or remove
personal property outside the ordinary course of business without
giving FHB prior notice and obtaining the FHB's consent or a court
order authorizing such disposition of that personal property.
All future revenues and income generated by the Debtor shall be
deposited in the debtor in possession account(s) maintained at Bank
of America -- the DIP account -- and that all withdrawals, checks,
payments, and transfers will also be drawn out of the DIP Account.
The Budget provides for, among others, net income and total costs
for May 2017. Expected net income is $112,800, while expected
total cost is $86,932. Net income available will be $25,868
A copy of the court order and the Budget is available at:
http://bankrupt.com/misc/ilnb17-03733-67.pdf
About Recom, Inc.
Recom, Inc., is an Illinois corporation that operates a business
purchasing, repairing/refurbishing, and selling computers and
related equipment from its facility at 351 Remington Blvd.,
Bolingbrook, Illinois.
Recom, Inc., filed a Chapter 11 petition (Bankr. N.D. Ill. Case
No. 17- 3733) on Feb. 9, 2017. The petition was signed by Earl
Miller, CEO.
In its petition, the Debtor disclosed $116,716 in assets and
$1.02 million in liabilities.
The Hon. Donald R Cassling presides is the case judge.
David P. Lloyd, Esq., at David P. Lloyd, Ltd., is serving as
bankruptcy counsel to the Debtor.
REGIS GALERIE: Has Access to Cash Collateral Until July 30
----------------------------------------------------------
Judge Laurel E. Davis of the U.S. Bankruptcy Court for the District
of Nevada entered a fourth supplemental order that authorized Regis
Galerie, Inc., to continue using cash collateral in which Wells
Fargo Bank, N.A. and/or American Express Bank may hold an interest,
through July 30, 2017.
According to the Fourth Supplemental Order, the Debtor is
authorized to use Cash Collateral to and through July 30, 2017 in
accordance with the Budget, with an allowed variance for each line
item of 10%.
A continued hearing on the Debtor's motion to use cash collateral
will be held on July 27, 2017 at 9:30 a.m. before the Honorable
Gary Spraker, United States Bankruptcy Judge, in Courtroom 3, 300
N. Las Vegas Blvd., 3rd Floor, Las Vegas, Nevada, 89101.
Regis Galerie has said that continued use of cash collateral is
necessary to allow the Debtor to continue to maintain its
operations and reorganize its assets and liabilities, thereby
maximizing creditor recoveries.
A copy of the Fourth Supplemental Order is available at:
http://bankrupt.com/misc/Regis_G_2015_Ord_Cash.pdf
About Regis Galerie
Regis Galerie, Inc., filed a chapter 11 petition (Bankr. D. Nev.
Case No. 16-14899) on Sept. 5, 2016. The petition was signed by
Samuel Dweck, president. The Debtor estimated assets and
liabilities at $1 million to $10 million at the time of the filing.
The case is assigned to Judge Laurel E. Davis. The Debtor is
represented by Bryan M. Veillion, Esq., at Marquis Aurbach Coffing,
and Michael L. Gesas, Esq., at Arnstein & Lehr, LLP.
RENNOVA HEALTH: Incurs $49.7 Million Net Loss in First Quarter
--------------------------------------------------------------
Rennova Health, Inc., on May 22, 2017, filed with the Securities
and Exchange Commission its quarterly report on Form 10-Q for the
quarter ended March 31, 2017.
For the three months ended March 31, 2017, Rennova Health reported
a net loss of $49.70 million on $1.17 million of net revenues
compared to a net loss of $4.24 million on $1.87 million of net
revenues for the same period during the prior year.
As of March 31, 2017, Rennova Health had $8.31 million in total
assets, $73.64 million in total liabilities and a total
stockholders' deficit of $65.33 million.
For the year ended Dec. 31, 2016, and through March 31, 2017, the
Company has financed its operations primarily from the sale of its
equity securities, short-term advances from related parties and the
proceeds it received from pledging certain of its accounts
receivable. Future cash needs for working capital, capital
expenditures and potential acquisitions will require management to
seek additional equity or obtain additional credit facilities. The
sale of additional equity will result in additional dilution to the
Company's stockholders. A portion of the Company's cash may be
used to acquire or invest in complementary businesses or products
or to obtain the right to use complementary technologies. From time
to time, in the ordinary course of business, the Company evaluates
potential acquisitions of such businesses, products or
technologies.
At March 31, 2017, the Company had cash on hand of approximately
$1.4 million, a working capital deficit of $11.9 million and a
stockholders' deficit of $65.3 million. In addition, the Company
incurred a loss from operations of $4.6 million for the three
months ended March 31, 2017. As of May 22, 2017, the Company's
cash position is critically deficient and payments critical to its
ability to operate are not being made in the ordinary course. The
Company's fixed operating expenses, including payroll, rent,
capital lease payments and other fixed expenses, including the
costs required to reopen Big South Fork Medical Center, are
approximately $1.5-$2.0 million per month. The Company said its
failure to raise additional capital in the coming weeks will have a
material adverse effect on our ability to operate its business.
In addition, the Company will be required to raise additional
capital in order to fund its operations for the next twelve months.
"There can be no assurances that we will be able to raise the
necessary capital on terms that are acceptable to us, or at all. If
we are unable to secure the necessary funding as and when required,
it will have a material adverse effect on our business and we may
be required to downsize, further reduce our workforce, sell some of
our assets or possibly curtail or even cease operations, raising
substantial doubt about our ability to continue as a going
concern," the Company stated in the filing.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/KeDrSG
Form 10-Q Filed Late
The Company was unable to file its Quarterly Report within the
prescribed time as the Company requires additional time to
determine the proper values for certain of the Company's financial
instruments as of March 31, 2017. The Company said these financial
instruments and their underlying transactions are highly complex,
require extensive review and analysis and in some cases require the
engagement of outside expertise at considerable time and expense to
the Company.
About Rennova Health
Rennova Health, Inc. -- http://www.rennovahealth.com/-- provides
industry-leading diagnostics and supportive software solutions to
healthcare providers, delivering an efficient, effective patient
experience and superior clinical outcomes. Through an
ever-expanding group of strategic brands that work in unison to
empower customers, it is creating the next generation of
healthcare.
Rennova Health reported a net loss of $32.61 million on $5.24
million of net revenues for the year ended Dec. 31, 2016, compared
with a net loss of $35.96 million on $18.39 million of net revenues
for the year ended Dec. 31, 2015.
Green & Company, CPAs, in Temple Terrace, Florida, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2016, citing that the Company has
significant net losses and cash flow deficiencies. Those
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
RGL RESERVOIR: Moody's Lowers CFR to C on Likely Bankruptcy
-----------------------------------------------------------
Moody's Investor's Services has downgraded RGL Reservoir Management
Inc.'s (RGL) Corporate Family Rating (CFR) to C from Caa3,
Probability of Default Rating to C-PD from Caa3-PD, and its first
lien revolvers and US$293 million term loan, to C from Caa3. The
rating outlook was changed to stable from negative. The Speculative
Grade Liquidity Rating of SGL-4 was withdrawn.
"The downgrade reflects the high likelihood of a filing for
creditor protection or debt restructuring caused by very weak
liquidity and minimal EBITDA generation," said Paresh Chari,
Moody's Assistant Vice President. "Moody's expect the significant
negative free cash flow, produced by a high interest burden, to
exhaust existing cash balances by mid-2018."
Downgrades:
Issuer: RGL Reservoir Management Inc.
-- Probability of Default Rating, Downgraded to C-PD from Caa3-PD
-- Corporate Family Rating, Downgraded to C from Caa3
-- Senior Secured Bank Credit Facility, Downgraded to C(LGD5)
from Caa3(LGD3)
Outlook Actions:
Issuer: RGL Reservoir Management Inc.
-- Outlook, Changed To Stable From Negative
Withdrawn
Issuer: RGL Reservoir Management Inc.
-- Speculative Grade Liquidity Rating, Withdrawn
RATINGS RATIONALE
The C Corporate Family Rating (CFR) reflects Moody's views that RGL
will almost certainly either file for creditor protection or
restructure its roughly C$500 million of total debt and there will
be little prospect for recovery of principal or interest. Moody's
expects RGL to have negligible EBITDA in 2017, similar to 2016, and
consume its entire cash balance by mid-2018. Pricing and demand for
sand control devices continues to remain weak and will likely
remain so through 2018.
In accordance with Moody's Loss Given Default (LGD) Methodology,
the suggested rating for the pari-passu US$45 million first lien
revolvers and US$293 million first lien term loan are Ca, one notch
above the CFR. However, Moody's views the C rating on the revolvers
and term loan as more appropriate based on a lower recovery, given
the very small amount of tangible assets.
Moody's expects RGL's liquidity to be weak through March 31, 2018.
At March 24, 2017, RGL had about C$40 million of cash. The company
has fully drawn its revolver, which matures in August 2021 but for
about US$5 million that matures in August 2019. Moody's expects
negative free cash flow of approximately C$30 million through March
31, 2018 to be funded with cash. Alternate sources of liquidity are
limited as its assets are pledged as collateral to the secured
credit facilities and RGL has a very small tangible asset base.
The rating outlook is stable.
The Probability of Default Rating could be downgraded to D-PD if
RGL were to legally default on its debt obligations.
The ratings could be upgraded if RGL restructures its debt and
improves its liquidity such that Moody's expects the company will
be able to fund its operations and meet its debt obligations for
the next 18 months.
RGL is a privately owned, sand control oil field services company
based in Calgary and Leduc, Alberta, with operations in Oman and
California. RGL primarily serves Canadian bitumen and heavy oil
producers by supplying them with sand control solutions.
The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.
ROSE HILL ESTATE: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------
The Office of the U.S. Trustee on May 25 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Rose Hill Estate, LLC.
About Rose Hill Estate LLC
Rose Hill Estate, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.S.C. Case No. 17-01864) on April 13,
2017. The petition was signed by Stephen G. Mueller, president.
At the time of the filing, the Debtor estimated its assets and
debts at $1 million to $10 million.
Barbara George Barton, Esq., at Barton Law Firm, P.A., serves as
the Debtor's bankruptcy counsel.
RUE21 INC: U.S. Trustee Forms 7-Member Committee
------------------------------------------------
Andrew R. Vara, Acting U.S. Trustee for Region 3, on May 23
appointed seven creditors to serve on the official committee of
unsecured creditors in the Chapter 11 case of rue21, inc., and its
affiliated debtors.
The committee members are:
(1) Wilmington Trust, National Association
Attn: Steve Cimalore, Vice President
1100 North Market Street
Wilmington, DE 19890
Tel: (302) 636-6058
Fax: (302) 636-4140
E-mail: scimalore@wilmingtontrust.com
(2) Wells Fargo Capital Finance
Attn: Alexander J. Chobot
100 Park Avenue, 3rd Floor
New York, NY 10017
Tel: (212) 703-3535
Fax: (866) 617-1218
E-mail: alexander.j.chobot@wellsfargo.com
(3) The CIT Group/Commercial Services, Inc.
Attn: Timothy Cropper, Senior Vice President
201 S. Tryon Street, 7th Floor
Charlotte, NC 28202
Tel: (704) 339-2906
Fax: (704) 339-2894
E-mail: tim.cropper@cit.com
(4) Mark Edwards Apparel, Inc.
Attn: Marla Kurtzman
8480 Jeanne Mance, Montreal
Quebec H2P 2S3 Canada
Tel: (514) 904-4464
E-mail: marla.kurtzman@markedwards.com
(5) Grand Horizon Limited
Attn: Heather Tarchine, Director of Sales
11/F, Hang Cheong Factory Building
1 Wing Ming Street, Cheung Sha Wan
Kowloon, Hong Kong
Tel: (914) 424-9501
E-mail: heather.tarchine@grandhorizon.com
(6) GGP Limited Partnership
Attn: Julie Minnick Bowden
110 North Wacker Drive
Chicago, IL 60606
Tel: (312) 960-2707
Fax: (312) 442-6374
E-mail: Julie.minnick@ggp.com
(7) Simon Property Group
Attn: Ronald M. Tucker, Esq.
225 West Washington Street
Indianapolis, IN 46204
Tel: (317) 263-2346
Fax: (317) 263-7901
E-mail: rtucker@simon.com
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
About rue21
rue21 -- http://www.rue21.com/-- is a teen specialty apparel
retailer. For over 37 years, rue21 has been famous for offering
the latest trends at an affordable price point. It has core brands
in girls' apparel (rue21), intimate apparel (true), girls'
accessories (etc!), girls' cosmetics (ruebeaute!), guys' apparel
and accessories (Carbon), girls' plus-size apparel (rue+), and
girls' swimwear (ruebleu). The company is headquartered in
Warrendale, Pennsylvania and have one distribution center located
in Weirton, West Virginia.
Headquartered just north of Pittsburgh, Pennsylvania, rue21 had
1,179 stores in 48 states in shopping malls, outlets and strip
centers, and on its website. In April, Company began the process
of closing approximately 400 underperforming stores in its 1,179
store fleet in order to streamline operations.
On May 15, 2017, rue21, inc., and affiliates Rhodes Holdco, Inc.
r services, llc, and rue services corporation filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. W.D. Pa. Lead Case No. 17-22045). Todd M. Lenhart, the
Company's senior vice president, treasurer, chief financial
officer, and chief accounting officer, signed the petitions.
The Debtors have sought joint administration of the Chapter 11
cases. The Honorable Gregory L. Taddonio is the case judge.
The Debtors tapped Reed Smith LLP as local counsel; Kirkland &
Ellis LLP as bankruptcy counsel; Rothschild Inc., as investment
banker; Berkeley Research Group, LLC, as financial advisor; A&G
Realty Partners, LLC, as real estate advisor and consultant; and
Kurtzman Carson Consultants LLC as claims and notice agent.
rue21 estimated $1 billion to $10 billion in assets and
liabilities.
Counsel to the DIP Term Loan Agent, DIP Term Loan Lenders,
Prepetition Term Loan Agent and Term Loan Steering Committee are
Scott J. Greenberg, Esq., Michael J. Cohen, Esq., and Jeffrey J.
Bresch, Esq., at Jones Day.
Counsel to the DIP ABL Agent and the Prepetition ABL Agent are
Julia Frost-Davies, Esq., and Amelia C. Joiner, Esq., at Morgan
Lewis & Bockius LLP; and James D. Newell, Esq., and Timothy Palmer,
Esq., at Buchanan Ingersoll & Rooney PC.
The Sponsor Lenders are represented by Simpson Thacher &
Bartlett's Elisha D. Graff, Esq.
An Ad Hoc Cross-Holder Group is represented by Milbank, Tweed,
Hadley & McCloy's Gerard Uzzi, Esq., and Eric Stodola, Esq.
RYCKMAN CREEK: U.S. Trustee Objects to Proposed Bid Protections
---------------------------------------------------------------
Jeff Montgomery, writing for the Bankruptcy Law360, reports that
the U.S. Trustee filed a formal objection in court, saying that
Ryckman Creek Resources LLC overreached with a bankruptcy proposal
for stalking-horse bid protections before naming the bidder or any
initial offer.
The objection followed Ryckman Creek's proposal in early May for a
3% breakup fee and requirement that competing bids top the stalking
horse offer by at least $1 million -- without yet identifying any
bidders, Law360 cites.
About Ryckman Creek Resources
Formed on Sept. 8, 2009, Ryckman Creek Resources, LLC, is engaged
in the acquisition, development, marketing, and operation of a
Natural gas storage facility known as the Ryckman Creek Facility.
The Ryckman Creek Facility is a depleted crude oil and natural gas
reservoir located in Uinta County, Wyoming. The Company began
development of the reservoir into a natural gas storage facility in
2011. The Ryckman Creek Facility began commercial operations in
late 2012 and received injections of customer gas and gas purchased
by the Company. The Debtors have approximately 35 employees.
Ryckman Creek Resources, LLC, Ryckman Creek Resources Holdings LLC,
Peregrine Rocky Mountains LLC and Peregrine Midstream Partners LLC
filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos.
16-10292 to 16-10295) on Feb. 2, 2016. The petitions were signed
by Robert Foss as chief executive officer. Kevin J. Carey has been
assigned the case.
The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP
as counsel, AP Services, LLC, as management provider, Evercore
Group LLC as investment banker, and Kurtzman Carson Consultants LLC
as claims and noticing agent.
On April 11, 2016, Ryckman Creek Resources disclosed total assets
of more than $205 million and total debt of more than $391.2
million.
On Feb. 12, 2016, the Office of the United States Trustee appointed
an Official Committee of Unsecured Creditors. Counsel for the
Committee are Greenberg Traurig, LLP's Dennis A. Meloro, Esq.,
David B. Kurzweil, Esq., and Shari L. Heyen, Esq. The Committee
retained Alvarez & Marsal, LLC, as financial advisors.
SABRE GLBL: S&P Affirms 'BB-' CCR & Revises Outlook to Positive
---------------------------------------------------------------
S&P Global Ratings said that it revised its rating outlook on
Southlake, Texas-based travel technology companies Sabre Holdings
Corp. and Sabre GLBL Inc. to positive from stable. At the same
time, S&P affirmed its 'BB-' corporate credit ratings on the
companies.
S&P also assigned its 'BB-' corporate credit rating to parent Sabre
Corp. The outlook is positive.
The positive outlook on Sabre Corp., Sabre Holdings, and Sabre GLBL
Inc. (collectively Sabre) reflects S&P's expectation that leverage
will continue to decline due to good operating performance, and
that the company's financial policy will continue to moderate,
allowing debt leverage to remain comfortably below 4x in the long
term. Adjusted leverage increased slightly to 3.9x as of March 31,
2017, from 3.8x a year earlier because of the recent refinancing
and higher net debt, but S&P expects leverage will decline to 3.7x
by Dec. 31, 2017. S&P's leverage calculation does not reflect any
potential litigation settlement with US Airways, which could
increase leverage. Although S&P believes any adverse settlement
with US Airways would be significantly less than the recent
American Airlines settlement, it could still have a noticeable
impact on Sabre's EBITDA and cash flow.
The positive rating outlook reflects S&P's expectation that it
could raise its ratings over the next 12 months if the company
maintains its leadership position in the GDS business, makes steady
progress diversifying its revenues with continued growth in its
airline and hospitality solutions business, and continues to
demonstrate its commitment to maintaining leverage in the mid-3x
area.
S&P could raise the rating if operating performance remains steady
and S&P gains increased confidence that the company's financial
policies support adjusted leverage sustained below 4x. That's
based on low risk of a releveraging event, such as a material
acquisition or shareholder remunerations.
S&P could revise its outlook to stable if Sabre's operating
performance is weaker than expected, or if S&P expects leverage
will rise and stay above the 4x area. S&P could also lower the
rating if the company adopts a more aggressive financial policy
driven by large debt-funded acquisitions and share repurchases.
SANCTUARY CARE: Has Cash Access Pending Sale Closing
----------------------------------------------------
Sanctuary at Rye Operations, LLC and Sanctuary Care, LLC, which are
selling most of their senior living facility for at least $96.5
million, won approval of their motion to use cash collateral on a
continuing basis through the closing of the sale of substantially
all of their assets.
The Debtors have said that the inability to use the relevant cash
collateral would force them to immediately cease business
operations thereby causing a dramatic reduction in the value of the
estate and the need for its elderly residents to immediately
relocate.
As reported by the Troubled Company Reporter, the Debtors have a
deal to sell substantially all their assets to NBR Acquisition Rye,
LLC, or its assignee, for $9,650,000, subject to higher and better
offers. Competing bids were due May 25 and a sale hearing is set
for June 6.
The sale closing must occur on or before June 25, 2017, unless
properly extended until July 25, 2017 by the purchaser of the
Debtors' assets under the asset purchase agreement (the "Use
Period").
The Debtors will provide Camden National Bank, as Senior Lender,
and the New Hampshire Community Loan Fund, as Subordinated Lender,
with adequate protection.
As of the April 18, 2017, the Debtors owed Camden $12,703,907 and
accruing $3,127 per diem secured by a first priority security
interest and lien granted by the Debtors upon all of the assets of
the Debtor. As of the Petition Date, the Debtors owed New
Hampshire Community Loan Fund $3,791,989 secured by a second
priority security interest and lien granted by the Debtors upon all
the assets of the Debtors.
Camden's prepetition and postpetition support has enabled the
Debtor to protect the health and safety of its elderly residents,
pay salary and benefits to employees, remain current on payments to
vendors, and facilitate a going concern sale to maximize values for
the estate. Specifically, between August 2016 and the Petition
Date, Camden loaned the Debtors approximately $450,000 to fund
operational shortfalls. Postpetition, Camden has agreed to advance
up to $500,000 of additional financing to pursuant to the DIP
Credit Agreement pending before the Court, again to fund shortfalls
that cannot be paid using cash generated by the Debtor's business
operations. Additionally, Camden has agreed to fund "stay bonuses"
for certain of the Debtor's key employees in the discretion of the
Chief Restructuring Officer to facilitate an orderly transition of
the Debtor's assets to a purchaser of substantially all of the
Debtor's assets.
Camden is prepared to consent to the Debtors' use of cash
collateral solely in accordance with the Budget during the Use
Period, subject to its right to terminate its consent to use of
cash collateral.
According to Judge Bruce A. Harwood's May 22, 2017 order, the
Debtors are authorized to use cash collateral solely in accordance
with the terms, provisions, and conditions of the Order and the
Budget during the Use Period subject to the Senior Lender's right
to terminate its consent to use of cash collateral in accordance
with this Continuing Order.
The Order provides that the Lenders are granted valid, binding,
enforceable and automatically perfected liens -- Adequate
Protection Lien -- on all of the Debtor's after acquired cash
collateral arising postpetition to the same extent and in the same
priority as such lien existed prior to the Petition Date,
notwithstanding the provisions of Section 552 of the Bankruptcy
Code. In the event the Adequate Protection Liens are insufficient,
for any reason, to adequately protect the Lenders against the
Diminution in Value, as further adequate protection for any
Diminution in Value, the Lenders are granted postpetition
administrative expense claims -- Adequate Protection Claims --
against the Debtors' estate.
A copy of the Order is available at:
http://bankrupt.com/misc/Sanctuary_C_179_Ord_Cash.pdf
About Sanctuary Care
Sanctuary at Rye Operations, LLC and its affiliate Sanctuary
Care, LLC filed separate Chapter 11 bankruptcy petitions (Bankr.
D.N.H. Case Nos. 17-10590 and 17-10591, respectively), on April
25,
2017. The Petition was signed by Alice Katz, chief restructuring
officer. Ms. Alice Katz is with Vinca Group, LLC. The Debtors
are
represented by Peter N. Tamposi, Esq. at the Tamposi Law Group.
The Debtors owns Sanctuary Care, a memory-assisted adult care
facility located in Rockingham County, New Hampshire.
At the time of filing, Sanctuary at Rye listed $382,830 in total
assets and $16,610,000 in liabilities. Sanctuary Care listed
$5,010,000 in total assets and $16,050,000 in liabilities.
William K. Harrington, the United States Trustee, has appointed
Susan Buxton, the Long-Term Care Ombudsman for the State of New
Hampshire, as the Patient Care Ombudsman for Sanctuary Care, LLC,
and Sanctuary at Rye Operations, LLC.
NBR Acquisition Rye, LLC, the stalking horse bidder for the
Debtors' assets, is represented by Frank A. Appicelli, Esq., at
Carlton Fields.
SANDFORD AND SON: Plan Outline Okayed, Plan Hearing on June 14
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Pennsylvania
will consider approval of the Chapter 11 plan of reorganization for
Sandford and Son and Jay Sandford at a hearing on June 14.
The court on May 16 approved the Debtors' disclosure statement,
allowing them to start soliciting votes from creditors.
The order set a June 7 deadline for creditors to file their
objections, and a June 13 deadline to cast their votes accepting or
rejecting the proposed plan.
About Sandford and Son
Sandford and Son filed a Chapter 11 petition (Bankr. E.D. Pa. Case
No. 14-18330) on Oct. 17, 2014. It estimated assets and
liabilities of $1 million to $10 million.
Sandford and Son's case is jointly administered with the Chapter 11
case (Bankr. E.D. Pa. Case No. 14-18364) of Jay Sandford.
Mr. Sandford started buying investment properties in Philadelphia
in the 1970s with his late father, Walter Sandford (former jointly
administered debtor in this case), which they rented out to
tenants.
Judge Jean K. FitzSimon presides over the cases.
SEMTECH CORP: Egan-Jones Raises Sr. Unsecured Ratings to BB+
------------------------------------------------------------
Egan-Jones Ratings, on May 15, 2017, upgraded the local currency
and foreign currency senior unsecured ratings on debt issued by
Semtech Corp to BB+ from BB.
Headquartered in Camarillo, California, Semtech Corporation is a
supplier of analog and mixed-signal semiconductors.
SHABSI BRODY: Sale of Alamitos Property to MEOR for $225K Approved
------------------------------------------------------------------
Judge Kathryn C. Ferguson of the U.S. Bankruptcy Court for the
District of New Jersey authorized the sale by Shabsi Brody and Luba
Brody of real property located at 1564 Alamitos Drive, Lakewood,
Ocean County, New Jersey, to MEOR 77, LLC for $225,000.
The Debtors are authorized to sell the subject property as long as
U.S. Bank Trust, N.A., As Trustee For LSF9 Master Participation
Trust will be paid in full out of the proceeds of the sale in
accordance with a valid payoff provided by the secured creditor or,
if it is a short sale, in accordance to a valid short sale approval
provided by the secured creditor and so long as short sale payoff
funds are turned over to U.S. Bank Trust, N.A., As Trustee For LSF9
Master Participation Trust prior to such short sale approval's
expiration date.
The proceeds of sale must be used to satisfy the liens for real
estate taxes and other municipal liens and the first mortgage.
Until such satisfaction the real property is not free and clear of
those liens. The sale is free and clear of the liens set forth on
Schedule A and the tax liens of the United States of America, which
liens will attach to the proceeds of sale.
In accordance with D.N.J. LBR 6004-5, the Motion and the Notice of
Proposed Private Sale included a request to pay the real estate
broker(s) identified at closing. Therefore the following
professional(s) may be paid at closing: (i) 3% to Partners Realty
Group for listing and marketing the Property and (ii) 3% to
Partners Realty Group for producing the Buyer.
Other closing fees payable by the Debtor may be satisfied from the
proceeds of sale and adjustments to the price as provided for in
the contract of sale may be made at closing.
The amount of $0 claimed as exempt may be paid to the Debtor,
provided that all liens are first satisfied or avoided by an order
of the Court.
The 14-day stay of Bankr. Rule 6004(h) does not apply and the sale
of the Property can be consummated upon entry of the Order.
A copy of the Schedule A attached to the Order is available for
free at:
http://bankrupt.com/misc/Shabsi_Brody_72_Order.pdf
Shabsi Brody and Luba Brody sought Chapter 11 protection (Bankr.
D.N.J. Case No. 16-24242) on July 26, 2016. The Debtors tapped
Timothy P. Neumann, Esq., at Broege, Neumann, Fischer & Shaver, as
counsel.
SINCLAIR BROADCAST: Egan-Jones Lowers Sr. Unsec. Ratings to BB-
---------------------------------------------------------------
Egan-Jones Ratings, on May 8, 2017, lowered the local currency and
foreign currency senior unsecured ratings on debt issued by
Sinclair Broadcast Group Inc to BB- from BB.
Sinclair Broadcast Group, Inc. is a television broadcasting
company. The company focuses on providing content on its local
television stations and digital platforms. The company's segments
are broadcast, other and corporate. The Broadcast segment consists
of its broadcast television stations.
SKIP BARBER: Seeks Cash Collateral Access Pending Assets Sale
-------------------------------------------------------------
Skip Barber Racing School filed on May 22, 2017, a motion seeking
authority to use, for the first two months of its Chapter 11 case,
cash collateral in which People's United Bank, N.A. and CMS
Mezzanine Debt Subpartnership ("CMS") have an interest.
Prepetition lender People's United Bank made loans, advances, and
other financial accommodations to and for the benefit of the Debtor
secured by a first lien on, and security interest in, substantially
all of the Debtor's assets.
In addition, CMS asserts claims in the aggregate principal amount
of $6,400,109 as of the Petition Date secured by a second priority
lien.
The Debtor has determined that it is in the best interest of its
creditors to file the chapter 11 case to preserve going concern
value pending the sale of its business, and to stay various pending
litigation and, after such sale, propose a chapter 11 plan that
maximizes the value of the Debtor's estate for the benefit of all
of the Debtor's creditors, rather than a select few.
In the first two months of this case, the Debtor will continue its
efforts to market its assets for sale. The Debtor estimates that
by the end of July 2017, it will have identified a buyer for
substantially all of its business assets, and can begin liquidating
any remaining assets.
As a result of ongoing operations, the Debtor says that its
continued use of cash collateral is essential. The Debtor
continues to have employees and hire independent contractors to
provide course training. The Debtor contends it must be able to
pay those individuals. In addition, the Debtor continues to sell
its programs, which requires the Debtor to continue paying its
sales and administrative staff. The Debtor also requires the use
of cash collateral to pay customary operating expenses until the
Debtor closes on a sale of its business.
Gerard R. Luckman, Esq., a member of Forchelli, Curto, Deegan,
Schwartz, Mineo & Terrana, LLP, explains that People's and CMS
indicated their willingness to allow the Debtor to use cash
collateral the first 60 days of the Debtor's case, which is
required to meet the cash requirements of the Debtor's operations.
The Debtor believes that People's and CMS will require that in
exchange for the use of cash collateral, to the extent of any
diminution in the collateral as a result thereof, they will be
entitled to replacement liens and superpriority administrative
expense status pursuant to Bankruptcy Code Sec. 361(2) and 507(b),
and otherwise over all administrative expenses of the kinds
specified in Bankruptcy Code Sec. 105(a), 326, 328, 330, 331,
503(b), 506(c), 507, 546(c), 726 and 1114, subject only to the
Carve Out.
A full-text copy of the Motion is available for free at:
http://bankrupt.com/misc/Skip_Barber_5_M_Cash.pdf
About Skip Barber Racing School
Skip Barber Racing School LLC is a Braselton, Georgia-based racing
school. It operates a fully integrated system of racing schools,
driving schools, racing championships, corporate events and OEM
events across North America, teaching emergency braking, skid and
slide control, proper cornering techniques, an understanding of
vehicle dynamics, and a variety of other car-control skills.
Skip Barber Racing School filed a Chapter 11 bankruptcy petition
(Bankr. S.D.N.Y. Case No. 17-35871) on May 22, 2017, intending to
sell its business on an expedited basis. The petition was signed
by Michael Culver, managing member.
The Debtor estimated $1 million to $10 million in assets and $10
million to $50 million in debt.
The Hon. Cecelia G. Morris is the case judge.
Forchelli, Curto, Deegan, Schwartz, Mineo & Terrana, LLP, is
serving as counsel to the Debtor.
SMART WORLDWIDE: S&P Raises CCR to 'B+' on IPO and Debt Repayment
-----------------------------------------------------------------
S&P Global Ratings removed the corporate credit rating from
CreditWatch and raised the rating on Newark, Calif.-based SMART
Worldwide Holdings Inc. to 'B+' from 'B'. The outlook is stable.
At the same time, S&P raised the issue-level rating on the firm's
senior secured term loan B to 'B+' from 'B' and removed them from
CreditWatch. The recovery rating remains '3', reflecting S&P's
expectation for meaningful (50%-70%; rounded estimate: 55%)
recovery in the event of a payment default.
"The upgrade reflects our expectation that the company will use IPO
proceeds to partially prepay outstanding debt, which will lead to
leverage declining to approximately 2.5x by the end of the current
fiscal year, down from 3.7x as of the end of the February quarter,
as well our view that a significant public ownership base will be
conducive to sustained deleveraging," said S&P Global
Ratings credit analyst James Thomas. Furthermore, S&P believes that
SMART's recent performance improvement is likely to be sustained
over the next 12 months, as the local tax policy that has driven
the recovery in its Brazil segment will require original equipment
manufacturers (OEMs) to include an increasing share of locally
packaged memory in mobile devices over the next two years to
continue to receive favorable tax treatment.
The stable outlook on SMART is based on S&P's view that recent
operating performance improvements in the firm's Brazilian assembly
and test business, growth in NAND product revenues, and near-term
debt repayment with IPO proceeds will lower leverage to the mid-2x
area by the end of the fiscal year. S&P believes that revenue
growth and lower interest expense will support stronger free cash
flow generation as well, and that free cash flow will reach
approximately $20 million in fiscal 2018.
STEWART DUDLEY: Magnify's Sale of Panama Condo Unit for $168K OK'd
------------------------------------------------------------------
Judge Tamara O. Mitchell of the U.S. Bankruptcy Court for the
Northern District of Alabama authorized the sale by Magnify
Industries, LLC, creditor of Stewart Ray Dudley, of condominium
unit 632 in Emerald Beach Resort, located at 14701 Front Beach Rd.,
Panama City, Bay County, Florida, Property Tax ID #40000-300-054,
to J & J Enterprises of North Georgia, LLC for $168,000.
Magnify is authorized to accept the sale contract for the Condo
Unit.
Magnify is authorized to proceed to the closing of the sale of the
Condo Unit so long as the total settlement charges set forth on
line 1400 of the Settlement Statement (HUD-1) for such closing
("Settlement Charges") do not exceed 105% of the estimated total
settlement charges set forth on Exhibit "A," exclusive of
outstanding 2015 and 2016 property taxes on the Condo Unit which
are not included in Exhibit A. The total of such property taxes
will not exceed 5% of the contract sales price.
Should the Settlement Charges or taxes on the HUD-1 for the closing
exceed the above limits, Magnify will provide email notice to
Trustee and Trustee's counsel along with a copy of the HUD-1. The
Trustee will have two business days from the delivery of such
notice to respond with either his approval or rejection of the
Settlement Charges. If the Trustee approves the Settlement
Charges, Magnify is authorized to proceed with closing. If the
Trustee rejects the Settlement Charges or fails to respond within
the time allotted, Magnify will file an emergency motion with this
Court seeking approval of the Settlement Charges and obtain an
order authorizing closing.
The net sales proceeds, after payment of the above referenced
settlement charges, will be placed in the escrow account of Engel,
Hairston & Johanson P.C., to be held pursuant to the provisions of
the Order Granting the Trustee's Emergency Motion and Memorandum of
Law for Temporary Restraining Order and Preliminary Injunction
entered in Adversary Proceeding No. 17-00052-TOM associated with
the matter.
A copy of the Exhibit A attached to the Order is available for free
at:
http://bankrupt.com/misc/Stewart_Dudley_320_Order.pdf
Stewart Ray Dudley filed a Chapter 11 petition (Bankr. N.D. Ala.
Case No. 16-01842) on May 5, 2016, and is represented by R. Scott
Williams, Esq. from Rumberger, Kirk & Caldwell, P.C. Mr. Williams
can be reached by e-mail at swilliams@rumberger.com
STINAR HG: Asks for Approval to Use Cash Collateral
---------------------------------------------------
Stinar HG, Inc., doing business as Stinar Corporation, asks the
Bankruptcy Court for interim authority to use cash collateral of up
to $43,109 through a final hearing and final authority to use cash
collateral not to exceed a total of $1,282,184 through the 13-week
period ending the week of Aug. 14, 2017.
The Debtor has one secured creditor with an interest in cash:
Signature Bank, which has two loans with a current total balance of
$1,132,482.
The Debtor proposes that it be permitted to offer to grant
Signature Bank a replacement lien or a security interest in any new
assets, materials and accounts receivable, generated from the use
of cash collateral, with the same priority, dignity, and validity
of prepetition liens or security interest as adequate protection.
The Debtor further proposes that it be permitted as adequate
protection to pay Signature Bank $8,000 per month which is a sum
approximately equal to the interest accruing on the Security Bank
loans.
As additional adequate protection, the Debtor proposes (1) to
maintain insurance on all of the property in which Signature Bank
claims a security interest; (2) to pay all postpetition federal and
state taxes, including timely deposit of payroll taxes; (3) provide
Signature Bank access during normal business hours for inspection
of their collateral and Debtor's business records; and (4) all cash
proceeds and income of Debtor will be deposited into a newly opened
cash collateral account (i.e., the "DIP" account) as required by
law and Local Rule.
The Debtor's cash flow projection for the next 12 months shows
steady increase in cash collateral throughout the next year. The
cash flow projection assumes an infusion of capital by Kruckeberg
Industries pursuant to the DIP Financing proposal. If no DIP
Financing is approved, the President of the two debtors will make
the adequate protection payments necessary to protect Signature
Bank.
A full-text copy of the Motion, along with the cash flow
projections, is available for free at:
http://bankrupt.com/misc/Stinar_4_Cash_M.pdf
About Stinar HG and
Oakridge Holdings
Stinar HG, Inc., d/b/a The Stinar Corporation, is a Minnesota-based
company that manufactures ground support equipment for the aviation
industry. The late Frank Stinar founded Stinar Corp. in 1946.
Stinar's products are used to load, service, and maintain all types
of aircraft for both government and commercial applications. The
company's corporate headquarters and its 40,000 square foot
manufacturing facility are in Eagan, Minnesota.
On June 29, 1998, Oakridge Holdings, Inc. (OTCMKTS:OKRGQ), a
publicly held Minnesota-based company, became the new owner of
Stinar. Currently, Stinar is the only asset of Oakridge Holdings.
The largest shareholders of Oakridge Holdings is Robert Harvey who
holds approximately 21% of the outstanding shares.
Oakridge Holdings and operating unit Stinar HG filed bankruptcy
Chapter 11 petitions (Bankr. D. Minn. Case Nos. 17-31669 and
17-31670, respectively) on May 22, 2017. Robert C. Harvey, CEO &
president, signed the petitions. At the time of filing, debtor
Oakridge Holdings disclosed total assets of $990,237 and total
liabilities of $2.17 million, while debtor Stinar HG disclosed
total assets of $8.22 million and total liabilities of $2.91
million. The proceedings are jointly administered, with Stinar's
as the lead case.
The cases are assigned to Judge Kathleen H Sanberg.
The Debtors are represented by Kenneth Edstrom, Esq., at Sapientia
Law Group.
STINAR HG: In Ch.11 as Sale Stalled Amid Lack of Shareholder Vote
-----------------------------------------------------------------
Stinar HG, Inc., and its publicly traded parent have sought Chapter
11 bankruptcy protection after a sale of their aviation ground
support equipment to Kruckeberg Industries, LLC, was called off, as
Stinar was not able to locate the shareholders needed to give the
deal a majority vote.
On June 29, 1998, Oakridge Holdings, a publicly held
Minnesota-based company, became the new owner of Stinar.
Currently, Stinar is the only asset of Oakridge Holdings.
Kenneth Edstrom, Esq., at Sapientia Law Group, recounts that when
Stinar was acquired by Oakridge, international business comprised a
third of its business. In 2010, it dropped to 14%. In 2016 it
represented 1% of their business. The drop is attributed to a
variety of issues. Stinar has not been able to replace this
international business with U.S. customers or sales.
In addition, the recently imposed sequestration on purchases by the
United States government has had a major impact on Stinar's
government business. From 65% in 2010, the percentage of
government business dropped to 7% in 2016.
Oakridge employed three different auditors in the past two year.
This grossly delayed the SEC Filings and hence Oakridge became
delinquent on those filings. This caused a default in Stinar's
agreement with its primary lender, Signature Bank. The bank has
been unwilling to re-negotiate the terms of three loans it has with
the Company and increased Stinar's interest rate on all its loans
to 10% per year which has had a considerable impact on Stinar's
ability to use its cash to purchase inventory and parts to meets
its sales orders.
Reorganization Goals
In August 2016, Stinar entered into two agreements with Kruckeberg
Industries, LLC, a Blooming Prairie, Minnesota-based injection
molding and industrial manufacturer. The agreements were a
long-term management agreement and an agreement to sell all of
Stinar's assets to Kruckeberg.
Based on the status of Stinar's parent corporation as a publicly
traded company, Oakridge received advice that they would need to
have a shareholder vote to dispose of the assets of Stinar.
Stinar believed and still believes that it would be impossible to
obtain the vote of a majority of its shareholders for the sale of
the assets of Stinar as the shares of Oakridge were originally
issued in 1961 and there is little trading in the company. Oakridge
believes many of the shareholders on the company's shareholder list
are either deceased, aged or cannot be found.
Stinar HG and Oakridge therefore chose to enter into a Chapter 11
Reorganization filing to provide an exit strategy for the investors
through either a reorganization or a sale of Stinar's assets,
provide cash flow support for the company's operations, restructure
Stinar's secured debt and eliminate the significant expenses
inherent in being a publicly traded company, expenses that Stinar,
as the only operating entity of Oakridge, is forced to pay.
Prior to the filing of the Chapter 11 bankruptcy both the
Management Agreement and the Asset Purchase Agreement were
terminated by mutual agreement of the parties.
Oakridge Holdings has approximately 1,500 shareholders holding
approximately 1,400,000 shares. The two largest shareholders of
Oakridge Holdings are Robert Harvey who holds approximately 21% of
the outstanding shares and Robert Gregor who holds approximately
10% of the outstanding shares. The stock of Oakridge is not listed
on any exchange and the stock has few trades in the marketplace.
The best information that the company has is that Oakridge's stock
recently traded at about two cents per share.
Leading the management team as President of Stinar Corporation, is
C.E.O. Robert Harvey and Vice President of Sales and Marketing,
Robert Gregor.
About Stinar HG and
Oakridge Holdings
Stinar HG, Inc., d/b/a The Stinar Corporation, is a Minnesota-based
company that manufactures ground support equipment for the aviation
industry. The late Frank Stinar founded Stinar Corp. in 1946.
Stinar's products are used to load, service, and maintain all types
of aircraft for both government and commercial applications. The
company's corporate headquarters and its 40,000 square foot
manufacturing facility are in Eagan, Minnesota.
On June 29, 1998, Oakridge Holdings, Inc. (OTCMKTS:OKRGQ), a
publicly held Minnesota-based company, became the new owner of
Stinar. Currently, Stinar is the only asset of Oakridge Holdings.
The largest shareholders of Oakridge Holdings is Robert Harvey who
holds approximately 21% of the outstanding shares.
Oakridge Holdings and operating unit Stinar HG filed bankruptcy
Chapter 11 petitions (Bankr. D. Minn. Case Nos. 17-31669 and
17-31670, respectively) on May 22, 2017. Robert C. Harvey, CEO &
president, signed the petitions. At the time of filing, debtor
Oakridge Holdings disclosed total assets of $990,237 and total
liabilities of $2.17 million, while debtor Stinar HG disclosed
total assets of $8.22 million and total liabilities of $2.91
million. The proceedings are jointly administered, with Stinar's
as the lead case.
The cases are assigned to Judge Kathleen H Sanberg.
The Debtors are represented by Kenneth Edstrom, Esq., at Sapientia
Law Group.
STINAR HG: Seeks Approval of $325,000 DIP Loan from Failed Buyer
----------------------------------------------------------------
In connection with the Chapter 11 Cases, debtors Oakridge
Financial, Inc. and its operating subsidiary, Stinar HG, Inc.,
filed motions seeking Bankruptcy Court approval of
debtor-in-possession financing on the terms set forth in a
Debtor-In-Possession Loan Agreement, dated as of May 22, 2017, by
and among the Debtors and Krukeberg Industries, LLC, as Lender.
Pursuant to the terms of the DIP Loan Agreement, the Lender has
agreed to loan Stinar an aggregate principal amount of not more
than $325,000. Not more than $100,000 of the aggregate amount may
be borrowed under the DIP Loan Agreement during the period from the
Petition Date to May 31, 2017. Advances under the DIP Loan
Agreement will become available upon the satisfaction of customary
conditions precedent thereto, including the entry of an order of
the Bankruptcy Court approving the DIP Loan Agreement. Under the
DIP Loan Agreement, Stinar is entitled to borrow and prepay
advances. Amounts advanced and repaid, however, may not be
re-borrowed under the DIP Loan Agreement.
The Debtors anticipate using the proceeds of the DIP Loan Agreement
primarily for:
(i) purposes permitted by orders of the Bankruptcy Court,
including ongoing debtor-in-possession working capital purposes,
(ii) the payment of fees, costs and expenses, and
(iii) other general corporate purposes, in each case, only to
the extent permitted under applicable law, the DIP Loan Agreement,
the orders of the Bankruptcy Court, and in accordance with the
approved budget, and further subject to certain exceptions as set
forth in the DIP Loan Agreement.
The DIP Loan Agreement provides for the Company's use of certain
DIP Loan Agreement proceeds in accordance with the budget and other
terms and conditions.
The maturity date of the DIP Loan Agreement is the earliest of:
(a) July 6, 2017 (45 calendar days after the Petition Date),
if the Bankruptcy Court has not entered a final borrowing order on
or before that date;
(b) Sept. 19, 2017 (120 calendar days after the Petition
Date);
(c) the date on which a plan of reorganization for Debtors, in
a form and substance satisfactory to the DIP Lender, in its sole
and absolute discretion, becomes effective; and
(d) the occurrence and continuation of certain other customary
events of default, including the failure of certain customary
milestone events identified in the DIP Loan Agreement.
Subject to certain exceptions, advances under the DIP Loan
Agreement will be secured by a first priority perfected security
interest in substantially all of the assets of the Debtors. The
security interests and liens are subject only to certain carve outs
and permitted liens, as set forth in the DIP Loan Agreement.
Advances under the DIP Loan Agreement are subject to certain
covenants, including, without limitation, covenants related to the
incurrence of additional debt, liens, the Company's failure to
comply with the approved budget and certain bankruptcy related
covenants, in each case as set forth in the DIP Loan Agreement.
The Debtors and the proposed DIP Lender had a pre-bankruptcy deal
in which Kruckeberg would acquire Stinar's assets under an Asset
Purchase Agreement, dated June 20, 2016.
Stinar and Kruckeberg also entered into a Management Agreement,
dated October 6, 2016, pursuant to which Kruckeberg provided
certain operational and management services to Stinar, pending the
closing of the transactions contemplated in the Asset Purchase
Agreement.
Oakridge, Stinar and Kuckeberg last week determined that the
parties will not close on the transactions contemplated by the
Asset Purchase Agreement in accordance with its terms. As a
result, the parties mutually agreed to terminate the Asset Purchase
Agreement and the related Management Agreement.
On May 22, 2017, the Company and Stinar entered into a termination
agreement with Kruckeberg, cancelling both the sale agreement and
the management agreement.
Under the Termination Agreement, the parties agreed that the
current outstanding charges under the Management Agreement for
services rendered and expenses incurred will remain outstanding,
enforceable obligations of Stinar until those amounts are paid or
discharged according to legal process. Current outstanding charges
for services rendered and expenses incurred totaled approximately
$71,820.00, as of May 22. As part of the Termination Agreement,
the Company and Stinar have granted Kruckeberg a release of any and
all obligations, liabilities and claims. The Termination Agreement
does not terminate certain indemnification rights that Kruckeberg
Industries, LLC may be entitled to under the Management Agreement.
Oakridge says the commencement of the Chapter 11 Cases constitutes
an event of default under certain secured promissory notes and the
related security agreements to which Stinar is a party, including:
-- Stinar's promissory note, originally dated February 1,
2013, payable to Signature Bank ($831,715 currently outstanding as
of May 4, 2017),
-- Stinar's promissory note dated April 19, 2013, payable to
Twin Cities Metro Certified Development Co. ($629,830 currently
outstanding as of May 4, 2017) and
-- Stinar's promissory note dated May 22, 2008, payable to
Signature Bank ($300,767 outstanding as of May 4, 2017).
As a result of the filing of the Chapter 11 Cases, and of the
promissory notes (with accrued interest thereon) and all other
amounts outstanding under the related security agreements to which
Stinar is a party became immediately due and payable. As a result
of the filing of the Chapter 11 Cases, the lender may seek
immediate payment of outstanding principal and interest, plus costs
of collection, including attorneys' fees and disbursements.
About Stinar HG and
Oakridge Holdings
Stinar HG, Inc., d/b/a The Stinar Corporation, is a Minnesota-based
company that manufactures ground support equipment for the aviation
industry. The late Frank Stinar founded Stinar Corp. in 1946.
Stinar's products are used to load, service, and maintain all types
of aircraft for both government and commercial applications. The
company's corporate headquarters and its 40,000 square foot
manufacturing facility are in Eagan, Minnesota.
On June 29, 1998, Oakridge Holdings, Inc. (OTCMKTS:OKRGQ), a
publicly held Minnesota-based company, became the new owner of
Stinar. Currently, Stinar is the only asset of Oakridge Holdings.
The largest shareholders of Oakridge Holdings is Robert Harvey who
holds approximately 21% of the outstanding shares.
Oakridge Holdings and operating unit Stinar HG filed bankruptcy
Chapter 11 petitions (Bankr. D. Minn. Case Nos. 17-31669 and
17-31670, respectively) on May 22, 2017. Robert C. Harvey, CEO &
president, signed the petitions. At the time of filing, debtor
Oakridge Holdings disclosed total assets of $990,237 and total
liabilities of $2.17 million, while debtor Stinar HG disclosed
total assets of $8.22 million and total liabilities of $2.91
million. The proceedings are jointly administered, with Stinar's
as the lead case.
The cases are assigned to Judge Kathleen H Sanberg.
The Debtors are represented by Kenneth Edstrom, Esq., at Sapientia
Law Group.
STONE PROJECTS: Has Approval to Use Cash Collateral Until June 7
----------------------------------------------------------------
Judge Melvin S. Hoffman on May 22, 2017, granted Stone Projects,
LLC's emergency motion to access cash collateral. The motion is
granted on an interim basis through June 7, 2017. A further
hearing will be held on June 7, 2017, at 10:15 a.m.
Stone Projects, LLC, filed a Chapter 11 petition (Bankr. D. Mass.
Case No. 17-11877) on May 19, 2017. The Debtor estimated less than
$1 million in both assets and liabilities. The Debtor is
represented by Nina M. Parker, Esq., at Parker & Associates.
T-MOBILE US: Egan-Jones Downgrades Sr. Unsecured Ratings to BB-
---------------------------------------------------------------
Egan-Jones Ratings, on May 15, 2017, lowered the local currency and
foreign currency senior unsecured ratings on debt issued by
T-Mobile US Inc. to BB- from BB.
T-Mobile US is a major wireless network operator in the United
States. The German telecommunications company Deutsche Telekom is
its majority shareholder. Its headquarters are located in Bellevue,
Washington, in the Seattle metropolitan area.
THERMO FISHER: Egan-Jones Cuts Sr. Unsecured Ratings to BB+
-----------------------------------------------------------
Egan-Jones Ratings, on May 15, 2017, downgraded the local currency
and foreign currency senior unsecured ratings on debt issued by
Thermo Fisher Scientific Inc. to BB+ from BBB-.
Thermo Fisher Scientific is an American multinational,
biotechnology product development company, created in 2006 by the
merger of Thermo Electron and Fisher Scientific.
TOTAL OFFICE: Asks for Approval to Use Cash Collateral
------------------------------------------------------
Total Office Solutions, Inc., filed with the U.S. Bankruptcy Court
for the Middle District of Florida an emergency motion to use cash
collateral.
Prior to May 19, 2017, the Debtor had one secured lender with a
lien on cash collateral. Specifically, Fidelity Bank held a
business loan agreement for a cash advance with an outstanding
balance of approximately $51,392 and a business line of credit with
an approximate outstanding balance of $1,540,000 both secured by
the Debtor's assets, cash, accounts and future receivables. The
Debtor reserves the right to challenge the extent and priority of
Fidelity's lien on any property and cash collateral.
The Debtor has filed the case to restructure its debt and pursue a
traditional Chapter 11 reorganization plan.
The Debtor primarily generates income from its office furniture
sales business. At the time of filing, the Debtor had a total
balance of approximately $200,000 in its Operating Account with
Fidelity Bank and has outstanding receivables in the amount of
$726,147. The business generates the approximate sum of $489,618
per month.
The Debtor requires the use of cash collateral to fund all
necessary operating expenses of the Debtor's business.
The proposed budget projects $489,600 in gross revenue, $357,900 in
cost of sales and $120,700 in expenses in one month.
The Debtor says it will suffer immediate and irreparable harm if it
is not authorized to use cash collateral to fund the expenses set
forth in the Budget. Absent such authorization, the Debtor will
not be able to maintain and protect its business.
A full-text copy of the Motion is available at:
http://bankrupt.com/misc/Total_O_5_M_Cash.pdf
About Total Office Solutions
Based in Jacksonville, Florida, Total Office Solutions, Inc., is in
the business of creating highly efficient, resourceful and
motivating workplaces for businesses. TOS claims to offers some of
the most advanced office furniture, healthcare furniture,
educational furniture, and government furniture products on the
market.
Total Office Solutions sought Chapter 11 bankruptcy protection
(Bankr. M.D. Fla. Case No. 17-01830) on May 19, 2017, disclosing
$2.33 million in assets and $1.59 million in liabilities. Thomas
C. Adam, Esq., at Adam Law Group, serves as counsel to the Debtor.
TURNING LEAF: Taps Michael D. O'Brien as Legal Counsel
------------------------------------------------------
Turning Leaf Homes V, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Oregon to hire legal counsel in
connection with its Chapter 11 case.
The Debtor proposes to hire Michael D. O'Brien & Associates P.C.
to, among other things, negotiate financing orders, seek
authorization for use of cash collateral, review the status and
validity of secured claims, and formulate a plan of
reorganization.
The hourly rates charged by the firm are:
Michael O'Brien Partner $365
Theodore Piteo Associate Attorney $300
Hugo Zollman Senior Paralegal $170
Turning Leaf Management, Inc. paid $15,000 to the firm on May 22
for preliminary bankruptcy planning work for the Debtor. The
payment is considered equity contributions to the Debtor.
O'Brien does not hold any interest adverse to the interest of the
Debtor's bankruptcy estate or its creditors, according to court
filings.
The firm can be reached through:
Michael D. O'Brien, Esq.
Theodore J. Piteo, Esq.
Michael D. O'Brien & Associates, P.C.
12909 SW 68th Pkwy, Suite 160
Portland, OR 97223
Tel: (503) 786-3800
Email: ted@pdxlegal.com
Email: enc@pdxlegal.com
About Turning Leaf Homes V
Based in Portland, Oregon, Turning Leaf Homes V, LLC sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ore.
Case No. 17-31944) on May 23, 2017. Tracey Baron, the manager,
signed the petition.
At the time of the filing, the Debtor estimated its assets at $1
million to $10 million and debts at $10 million to $50 million.
Judge Trish M. Brown presides over the case.
U.S. EDGE: Taps ClearView Financial as Accountant
-------------------------------------------------
U.S. Edge, Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Massachusetts to hire ClearView Financial Services
LLC.
The firm will analyze the Debtor's business records and prepare
financial projections regarding the feasibility of its Chapter 11
plan and various alternatives.
Clearview's proposed fee is $2,400. Half of this fee will be paid
in advance and half will be paid upon completion of the services.
Brian Jacobson, certified public accountant and ClearView manager,
disclosed in a court filing that he is a "disinterested person" as
defined in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Brian P. Jacobson
ClearView Financial Services LLC
81 Wintergreen Farm Road
Pembroke MA 02359
Phone: 978-314-3169
About U.S. Edge Inc.
U.S. Edge Inc. sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Mass. Case No. 15-11833) on May 7, 2015. The
petition was signed by Michael Baker, president.
At the time of the filing, the Debtor estimated assets of less than
$100,000 and liabilities of less than $1 million.
The case is assigned to Judge Frank J. Bailey. The Debtor is
represented by Nicholas F. Ortiz, Esq., at the Law Office of
Nicholas F. Ortiz, P.C.
An official committee of unsecured creditors has been appointed in
the Debtor's case. The committee is represented by Michael J.
Fencer, Esq., at Casner & Edwards, LLP.
On March 2, 2016, the Debtor filed a Chapter 11 plan and disclosure
statement, which was denied by the court on September 14, 2016. On
December 15, 2016, the Debtor filed an amended plan.
UNIQUE PHYSIQUE: Hearing on Disclosure Statement Set for June 8
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Pennsylvania
is set to hold a hearing on June 8, at 10:00 a.m., to consider
approval of the disclosure statement, which explains Unique
Physique, Inc.'s proposed Chapter 11 plan of reorganization.
The hearing will be held at The Ronald Reagan Federal Building,
Bankruptcy Courtroom, Third Floor, Third and Walnut Streets,
Harrisburg, Pennsylvania. Objections are due by May 31.
About Unique Physique
Unique Physique Inc. owns and operates Unique Physique Fitness
Center, a neighborhood gym in York. The gym offers strength
training, cardio, yoga, pilates and more.
The Debtor filed a petition under Chapter 11 of the Bankruptcy Code
(Bankr. M.D. Pa. Case No. 16-04757) on Nov. 18, 2016. At the time
of the filing, the Debtor estimated assets and liabilities of less
than $1 million.
Craig A. Diehl, Esq., CPA, at the Law Offices of Craig A. Diehl
serves as the Debtor's bankruptcy counsel.
UNITED ROAD: Sec. 363 Asset Sale Successfully Closed
----------------------------------------------------
Getzler Henrich & Associates disclosed that in 2014, United Road
Towing, Inc. reduced its debt and underwent a change of control,
through an Article 9 sale, in a reorganization led by its
secondÂlien lender, Medley Capital Corporation, with the support
of a credit facility offered by the Debtors' firstÂlien lender,
Wells Fargo Bank, N.A. A $5 million dollar judgment, the result of
a 2010 class action law suit, precipitated a Chapter 11 bankruptcy
filing and Section 363 sale of the assets, which resulted in
Medley's winning the auction. The deal successfully closed on May
2, 2017.
About United Road Towing
Headquartered in Mokena, Illinois, United Road Towing, Inc. dba
Good Buy Auto Auction, UR Vehicle Management Solutions, Quality
Towing, United Road Vehicle Management Solutions, and dba United
Road Towing-San Antonio -- and its affiliates provide towing,
recovery, impound, and vehicle management solutions services to
both the private and public sector. Through a portfolio of local
and regional brands operating across 10 different regions in eight
different states, the Company dispatches approximately 500,000
tows, manage over 200,000 impounds and sell over 38,000 vehicles
annually across the U.S.
United Road Towing, Inc., along with affiliates, filed for Chapter
11 bankruptcy protection (Bankr. D. Del. Case No. 17-10249) on Feb.
6, 2017. The petitions were signed by Michael Mahar, chief
financial officer. United Road estimated assets between $10
million and $50 million and debt between $50 million and $100
million.
Judge Laurie Selber Silverstein presides over the cases.
Daniel J. McGuire, Esq., Grace D. D'Arcy, Esq., and Carrie V.
Hardman, Esq., at Winston & Strawn LLP, serve as Debtors' general
counsel.
M. Blake Cleary, Esq., Ryan M. Bartley, Esq., and Andrew Magaziner,
Esq., at Young Conaway Stargatt & Taylor, LLP, serve as the
Debtors' Delaware counsel.
Getzler Henrich & Associates LLC is the Debtors' financial
advisor.
SSG Advisors LLC is the Debtors' investment banker.
Rust Consulting/Omni Bankruptcy is the Debtors' noticing, claims
and balloting agent.
Andrew R. Vara, Acting U.S. Trustee for Region 3, on Feb. 16, 2017,
appointed five creditors to serve on the official committee of
unsecured creditors appointed in the Chapter 11 cases of United
Road Towing, Inc., and its affiliates. The Committee retained
Pachulski Stang Ziel & Jones LLP as counsel, and Gavin/Solmonese
LLC as financial advisor.
VALUEPART INCORPORATED: Taps Plante & Moran as Tax Advisor
----------------------------------------------------------
ValuePart Incorporated seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to hire Plante & Moran,
PLLC.
The firm will provide tax advisory services and prepare the Debtor'
s tax returns. Specifically, Plante Moran will prepare the U.S.
federal and multi-state income tax returns for the year ending
October 29, 2016, and will provide tax consultations on
structuring, and net operating loss utilization and planning.
Plante Moran will receive $37,500 for the preparation of tax
returns. For tax advisory services, the firm will charge an hourly
fee of $130 to $455, with a retainer of $5,000.
Brian Wiedenhoeft, audit partner of Plante & Moran, disclosed in a
court filing that his firm is a "disinterested person" as defined
in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Brian Wiedenhoeft
Plante & Moran, PLLC
10 South Riverside Plaza, 9th Floor
Chicago, IL 60606-3770
Tel: (312) 207-1040 / 312-980-3322
Fax: (312) 207-1066 / 248-233-7574
Email: brian.wiedenhoeft@plantemoran.com
About ValuePart, Incorporated
ValuePart, Incorporated filed a Chapter 11 petition (Bankr. N.D.
Tex. Case No. 16-34169), on Oct. 27, 2016. The petition was signed
by Isa Passini, vice president. The case is assigned to Judge
Harlin DeWayne Hale. The Debtor estimated assets and liabilities
at $10 million to $50 million.
ValuePart is a Chicago-based distributor of aftermarket replacement
parts for off-highway earthmoving equipment manufacturers such as
Caterpillar, Case, Komatsu, Deere, International, Bobcat and
Hitachi, along with many others. At the time of the bankruptcy
filing, the Debtor operated from eight locations in Illinois,
Texas, Nevada, Washington, Ohio, Georgia, Vancouver and Toronto,
and employed approximately 70 employees. Although headquartered in
Vernon Hills, Illinois, the Debtor's largest distribution center is
located in Dallas, Texas.
The Debtor is represented by Marcus Alan Helt, Esq., Mark C. Moore,
Esq. and Thomas C. Scannell, Esq., at Gardere Wynne Sewell LLP.
The Debtor hired CR3 Partners, LLC as restructuring advisor; Upshot
Services LLC as claims and noticing agent; Hogg Shain & Scheck, PC
as Canadian accounting advisor; Nixon Peabody LLP as special
counsel; and FocalPoint Securities LLC as investment banker.
On November 30, 2016, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. The committee Kane
Russell Coleman & Logan PC as its legal counsel, and Lain Faulkner
& Co., P.C. as its financial advisor.
VANITY SHOP: Taps Hilco IP Services as IP Consultant
----------------------------------------------------
Vanity Shop of Grand Forks, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of North Dakota to hire Hilco IP
Services LLC.
The firm, which conducts business under the name Hilco Streambank,
will assist the Debtor in marketing its intellectual property.
The Debtor will pay Hilco a $50,000 fee, and a transaction fee
based on a percentage of aggregate net proceeds generated from the
sale, assignment, license, or other disposition of the intellectual
property:
(i) 10% of the amount of aggregate net proceeds of up to $3
million; plus
(ii) 12.5% of the amount of aggregate net proceeds in excess
of $3 million up to $5 million; plus
(iii) 15% of the amount by which the aggregate net proceeds
exceed $5 million.
David Peress, executive vice-president of Hilco, disclosed in a
court filing that his firm is a "disinterested person" as defined
in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
David Peress
Hilco IP Services, LLC
d/b/a Hilco Streambank
980 Washington Street, Suite 330
Dedham, MA 02026
Tel: 781-444-4940
About Vanity Shop of Grand Forks
Based in Fargo, North Dakota, Vanity Shop of Grand Forks, Inc.
filed a Chapter 11 petition (Bankr. D. N.D. Case No. 17-30112) on
March 1, 2017. The petition was signed by James Bennett, chairman
of the Board of Directors. In its petition, the Debtor estimated
assets of less than $100,000 and liabilities of $10 million to $50
million.
Judge Shon Hastings presides over the case. Caren Stanley, Esq.,
at Vogel Law Firm, serves as the Debtor's bankruptcy counsel. The
Debtor hired Eide Bailly, LLP as auditor; Bell Bank as trustee
for the ERISA Plan; and Jill Motschenbacher as accountant.
On March 10, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. The committee hired Fox
Rothschild LLP as bankruptcy counsel, BGA Management, LLC, as
financial advisor, and Brady Martz & Associates PC, as accountant.
VP LITTCO: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------
The Office of the U.S. Trustee on May 23 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of VP Littco Inc. dba Glass Doctor
of Peoria & Bloomington.
About VP Littco Inc.
VP Littco Inc. dba Glass Doctor of Peoria & Bloomington, operates a
glass installation and repair business, for both commercial and
residential customers, under a franchise agreement.
VP Littco Inc. filed a Chapter 11 petition (Bankr. C.D. Ill. Case
No. 17-80599) on April 24, 2017. Rafool, Bourne & Shelby, P.C., is
serving as counsel to the Debtor.
W & W LLC: Lender Opposes Access to Medical Facilities' Rents
-------------------------------------------------------------
Wells Fargo Bank, N.A., asks the U.S. Bankruptcy Court for the
Northern District of Florida to prohibit W & W, L.L.C., from using
rents and profits generated by the Debtor's medical office
facilities at Calhoun County, Alabama.
Wells Fargo Bank, N.A., as Trustee for Morgan Stanley Capital I
Inc., Commercial Mortgage Pass-Through Certificates, Series
2006-IQ12 (the "Noteholder"), acting by and through C-III Asset
Management LLC, solely in its capacity as special servicer
("C-III"), says that the Debtor should be barred from using rents
and profits from the property as such rents and profits are cash
collateral subject to Noteholder's security interest for which the
Debtor is not providing adequate protection. In the alternative,
Noteholder request that the Court require the Debtor to provide
adequate protection for Debtor's use of Noteholder's cash
collateral.
Prepetition, the Debtor obtained a loan in the original principal
amount of $2,750,000 from LaSalle Bank National Association. The
Loan is evidenced by that certain Secured Promissory Note, dated
Nov. 10, 2006, executed by Debtor in favor of the Original Lender
in the original stated principal amount of $2,750,000. The Debtor
granted the Original Lender a first priority security interest in
certain real property associated with the Debtor's Facility.
The Loan and Loan Documents were assigned to Wells Fargo in 2007.
C-III is the duly authorized Special Servicer for the Noteholder
pursuant to a Pooling and Servicing Agreement dated July 1, 2007.
The Loan matured by its own terms on Dec. 1, 2016. As a result,
the principal balance of the Loan and all other amounts due under
the Loan Documents became due and owing on Dec. 1, 2016.
The Loan is in default due to, among other things, Debtor's failure
to pay the Loan Obligations in full on the maturity date.
Moreover, the Debtor has not made any payment to the Noteholder on
account of the defaulted Loan since it matured in December 2016,
nor has the Debtor provided an accounting or other financial
information requested by the Noteholder and required under the Loan
Documents.
Based on the Events of Default, by a letter dated February 8, 2017,
the Noteholder notified the Debtor of the Events of Default and
that all Loan Obligations were due and immediately payable.
Through the Notice of Default, and in accord with the Loan
Documents, the Noteholder also revoked the Debtor's license to
collect the Rents and demanded an accounting of all post-default
Rents received by the Debtor.
The Debtor failed to cure the Events of Default or satisfy the Loan
Obligations. The Debtor continues to receive Rents generated from
the Collateral notwithstanding the Events of Default under the Loan
Documents and the revocation of its right to collect Rents.
Based on the Events of Default and the Debtor's failure to cure,
the Noteholder initiated suit against the Debtor in Circuit Court
for Calhoun County, Case No. 11-CV-2017-900222, seeking, among
other things, the appointment of a Receiver for the Collateral.
The Circuit Court set a hearing on the appointment of a Receiver
for April 27, 2017, but the Debtor sought and received a
postponement of the hearing to May 15, 2017. Hours before the May
15 hearing, the Debtor filed its Petition commencing the bankruptcy
case.
Wells Fargo notes that the Debtor has not made a single payment
since the Loan matured in December 2016, nor has the Debtor
proposed any kind of adequate protection plan to the Noteholder.
Accordingly, Wells Fargo avers that the Court should prohibit the
Debtor's use of the Rents constituting the Noteholder's cash
collateral.
Alternatively, to the extent the Court will not prohibit the
Debtor's use of the Rents and/or grant the Noteholder relief from
the stay, the Noteholder moves the Court to require the Debtors to
provide the Noteholder with adequate protection for the use of the
Collateral.
Wells Fargo contends that the Debtor should be required to, among
other things, pay to the Noteholder $20,566 per month as adequate
protection payments.
Wells Fargo's attorneys:
Timothy M. Lupinacci, Esq.
Matthew M. Cahill, Esq.
BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ, P.C.
420 Twentieth Street North
Wells Fargo Tower, Suite 1400
Birmingham, AL 35203
Tel: (205) 328-0480
Fax: (205) 322-8007
E-mail: tlupinacci@bakerdonelson.com
mcahill@bakerdonelson.com
About W & W, L.L.C.
W & W, L.L.C., owns and operates certain medical office facilities
and related property located at 620 Quintard Drive, 650 Quintard
Drive, and 620 Monger Street, in Oxford, Calhoun County, Alabama.
W & W's primary business is leasing space in the Facility to health
care related businesses.
W & W, L.L.C., filed a voluntary petition under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ala. Case No. 17-40906) on May 15,
2017. The Debtor estimated less than $1 million in both assets and
liabilities.
Harry P. Long, Esq., at the Law Offices of Harry P. Long, LLC, is
serving as counsel to the Debtor.
WEST CORP: Egan-Jones Lowers Sr. Unsecured Ratings to B+
--------------------------------------------------------
Egan-Jones Ratings, on May 10, 2017, downgraded the local currency
and foreign currency senior unsecured ratings on debt issued by
West Corp to B+ from BB-.
West Corporation is a publicly traded telecommunications services
provider based in Omaha, Nebraska.
WILLIAMS COS: Egan-Jones Raises Sr. Unsecured Ratings to BB
-----------------------------------------------------------
Egan-Jones Ratings, on May 12, 2017, upgraded the local currency
and foreign currency senior unsecured ratings on debt issued by
Williams Cos Inc/The to BB from BB-.
The Williams Companies, Inc. is an energy infrastructure company.
The Company is focused on connecting North America's hydrocarbon
resource plays to markets for natural gas, natural gas liquids
(NGL), and olefins.
[*] CHOICE Act to Cut Deficit by $24BB, CBO Report Shows
--------------------------------------------------------
Evan Weinberger, writing for Bankruptcy Law360, relays that a
report from the Congressional Budget Office (or CBO) notes that the
Financial CHOICE Act would benefit primarily smaller banks and
would reduce deficit by around $24 billion over 10 years.
The CHOICE Act is authored by House Financial Services Committee
Chairman Jeb Hensarling, Republican-Texas, and is expected to
replace the Dodd-Frank Wall Street Reform and Consumer Protection
Act of 2010.
The Dodd-Frank Act was signed into law by former President Obama
after the financial crisis of 2008 to, among other things "promote
the financial stability of the United States by improving
accountability and transparency in the financial system" and "to
protect the American taxpayer by ending bailouts."
Law360 relates that the bulk of the deficit reduction that would be
brought about by the Financial CHOICE Act comes from the repeal of
the orderly liquidation authority that Dodd-Frank gave to the
Federal Deposit Insurance Corp. and from the subsequent elimination
of a government fund meant to pay for easing the failure of a giant
financial institution.
Law360 adds that the CHOICE Act had passed out of the House
Financial Services Committee in early May 2017 and is expected to
get a House floor vote later this year. The bill is not expected to
survive a Senate vote, where Democratic support is needed, Law360
cites.
[*] Gianni Russello Joins Z Capital as Managing Director
--------------------------------------------------------
Z Capital Group, L.L.C., an alternative asset manager focused on
opportunistic, value-oriented private equity and credit funds, on
May 22, 2017, disclosed that Gianni Russello has joined the firm as
a Managing Director responsible for private equity investment
sourcing and transaction development. He will be based in Z
Capital's New York office.
Mr. Russello brings extensive deal origination and transaction
development experience to his new role at Z Capital, having served
as a Managing Director in the Restructuring and Special Situations
Advisory Investment Banking Group at Oppenheimer & Co., Inc.
("Oppenheimer") since 2009. As a senior member of Oppenheimer's
Investment Banking practice, Mr. Russello's primary focus was
advising middle market debtor and creditor parties on a broad range
of transactions, including capital raising, distressed M&A,
exchange offers and Chapter 11 reorganizations. He was responsible
for sourcing, developing and executing new business opportunities
driven primarily by his ability to leverage his understanding of
the restructuring process to provide strategic advice and creative
solutions to distressed debtors and their constituents. Prior to
his time at Oppenheimer, Mr. Russello was a Vice President in the
Special Situations Distressed Investing Group of Trust Company of
the West, where from 2007 to 2009 he was a senior member of a team
that managed $1 billion of secured and unsecured debt and equity
securities in various distressed situations. Mr. Russello began
his career as part of the Special Credits Group within JPMorgan
Chase's Investment Banking platform.
"We are excited to have Gianni on board and further expand the
firm's origination capabilities," said James Zenni, President,
Founder and Chief Executive Officer of Z Capital Group. "A
seasoned veteran and advisor on numerous successful transactions
and special situations, Gianni adds a great deal of expertise that
will further position Z Capital for continued growth."
"I am appreciative of the opportunity to join the talented team at
Z Capital and look forward to contributing to the success of the
firm," said Mr. Russello. "I am eager to identify new
opportunities by leveraging my restructuring and transactional
experience to drive value for investors as Z Capital adds to its
strong investment pipeline."
About Z Capital Group
Z Capital Group, L.L.C. -- http://www.zcapgroup.net/-- is an
alternative asset management firm with $2.3 billion in regulatory
assets under management across complementary private equity and
credit businesses. Z Capital manages both opportunistic,
value-oriented private equity and credit funds with offices in New
York, NY and Lake Forest, IL.
Z Capital's investors are some of the largest and most
sophisticated global institutional investors in North America,
Europe, Asia, Africa and the Middle East including public and
corporate pension funds, university endowments, foundations,
sovereign wealth funds, central banks and insurance companies.
[*] Henrich Among Global M&A Top 100 Insolvency Professionals List
------------------------------------------------------------------
Getzler Henrich & Associates disclosed that Bill Henrich,
co-Âchairman, has been named to the Global M&A Network's list of
the 100 most accomplished professionals from the restructuring and
insolvency communities. The list features only 25 turnaround
consultants, and is "an acknowledgement of the firmÂwide team
expertise, unique capabilities and the firm's preeminent status for
consistently advising on restructuring transactions and assignments
to effect value creating outcomes."
Additionally, Mr. Henrich was part of the May 18, 2017 ABI New York
Panel: What's Wrong With Chapter 11?, which explored areas of the
Bankruptcy Code and practice which the panelists and the ABI Reform
Commission perceived could benefit from change.
Mr. Henrich can be reached at:
William H. Henrich
Co-Chairman
Getzler Henrich & Associates
New York
Tel: 212-697-2400
E-mail: whenrich@getzlerhenrich.com
[*] Internet Hits Food, Retail Sectors, G&H's Mark Samson Says
--------------------------------------------------------------
Getzler Henrich & Associates managing director Mark Samson
commented on the impact of the Internet on the retail and food
sectors.
"The internet has not only caused general consumer goods retailers
to suffer, but is having a ripple effect on restaurants," according
to GH managing director Mark Samson. "Grub Hubb continues to grow,
now serving 50,000 food establishments. Restaurants, especially in
metropolitan areas, are having to rely more heavily upon online
delivery business, which leads to diminished foot traffic and most
importantly, lower alcohol sales, which are the stabilizer of the
food and beverage cost at a restaurant, because of the high
restaurant markup for alcohol."
Mr. Samson is a uniquely qualified commentator, since his retail
expertise spans roles in retail and food companies, from
founder/entrepreneur, to CÂsuite, board member, to financial
advisor and interim management. "New restaurants and QSRs should
make sure their model includes online sales," he cautions.
Mr. Samson's observations reiterate those voiced in Mark Podgainy's
earlier article, "How to Keep a Retailer Out of Bankruptcy."
Mr. Samson can be reached at:
Mark Samson
Managing Director
Getzler Henrich & Associates
New York
Tel: 212-697-2400
E-mail: msamson@getzlerhenrich.com
[*] Rhode Island's Longest-Serving Judge Dies at 86
---------------------------------------------------
Retired Judge Arthur N. Votolato, Rhode Island's longest-serving
U.S. Bankruptcy Court judge has died, the U.S. District Court
announced, according to the Providence Journal.
Judge Votolato was the first bankruptcy judge to sit in Rhode
Island, and for 44 years, he was the only U.S. bankruptcy judge to
serve the state. He served on the First Circuit Bankruptcy
Appellate Panel, Massachusetts and Maine panels. He was Chief
Judge, Massachusetts' B.A.P. from 1981 to 1984.
Acting Clerk of Court Frank Perry said in an e-mail to the
Providence Journal that Judge Votolato, 86, had died May 30, Sunday
afternoon at Rhode Island Hospital.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ ------- ------
ABSOLUTE SOFTWRE ALSWF US 93.1 (50.1) (33.4)
ABSOLUTE SOFTWRE OU1 GR 93.1 (50.1) (33.4)
ABSOLUTE SOFTWRE ABT CN 93.1 (50.1) (33.4)
ABSOLUTE SOFTWRE ABT2EUR EU 93.1 (50.1) (33.4)
ABV CONSULTING I ABVN US 0.0 (0.2) (0.2)
ADVANCEPIERRE FO APFH US 1,279.8 (281.1) 218.4
ADVANCEPIERRE FO APFHEUR EU 1,279.8 (281.1) 218.4
ADVANCEPIERRE FO 1AC GR 1,279.8 (281.1) 218.4
AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2)
APPIAN CORP APPN US 96.5 (11.8) 12.9
ASCENT SOLAR TEC ASTIEUR EU 8.9 (13.3) (14.7)
ASPEN TECHNOLOGY AZPN US 244.0 (249.5) (280.2)
ASPEN TECHNOLOGY AST GR 244.0 (249.5) (280.2)
ASPEN TECHNOLOGY AST TH 244.0 (249.5) (280.2)
ASPEN TECHNOLOGY AZPNEUR EU 244.0 (249.5) (280.2)
AUTOZONE INC AZO US 8,902.6 (1,827.4) (291.5)
AUTOZONE INC AZ5 TH 8,902.6 (1,827.4) (291.5)
AUTOZONE INC AZ5 GR 8,902.6 (1,827.4) (291.5)
AUTOZONE INC AZOEUR EU 8,902.6 (1,827.4) (291.5)
AUTOZONE INC AZ5 QT 8,902.6 (1,827.4) (291.5)
AVID TECHNOLOGY AVID US 250.4 (268.9) (81.7)
AVID TECHNOLOGY AVD GR 250.4 (268.9) (81.7)
AVON - BDR AVON34 BZ 3,426.2 (358.2) 498.0
AVON PRODUCTS AVP US 3,426.2 (358.2) 498.0
AVON PRODUCTS AVP TH 3,426.2 (358.2) 498.0
AVON PRODUCTS AVP* MM 3,426.2 (358.2) 498.0
AVON PRODUCTS AVP CI 3,426.2 (358.2) 498.0
AVON PRODUCTS AVP1EUR EU 3,426.2 (358.2) 498.0
AXIM BIOTECHNOLO AXIM US 0.8 (2.9) (2.1)
BENEFITFOCUS INC BNFT US 172.0 (34.2) 18.2
BENEFITFOCUS INC BTF GR 172.0 (34.2) 18.2
BLUE BIRD CORP BLBD US 309.3 (82.2) 8.9
BOMBARDIER INC-B BBDBN MM 23,112.0 (3,555.0) 1,258.0
BOMBARDIER-B OLD BBDYB BB 23,112.0 (3,555.0) 1,258.0
BOMBARDIER-B W/I BBD/W CN 23,112.0 (3,555.0) 1,258.0
BONANZA CREEK EN BCEI US 1,135.2 (73.8) (160.1)
BONANZA CREEK EN B2CN GR 1,135.2 (73.8) (160.1)
BONANZA CREEK EN BCEI1EUR EU 1,135.2 (73.8) (160.1)
BRINKER INTL EAT US 1,403.1 (498.7) (289.1)
BRINKER INTL BKJ GR 1,403.1 (498.7) (289.1)
BRINKER INTL EAT2EUR EU 1,403.1 (498.7) (289.1)
BROOKFIELD REAL BRE CN 99.6 (33.1) 1.6
BUFFALO COAL COR BUC SJ 51.5 (21.4) (19.6)
BURLINGTON STORE BURL US 2,558.9 (40.9) (32.6)
BURLINGTON STORE BUI GR 2,558.9 (40.9) (32.6)
BURLINGTON STORE BURL* MM 2,558.9 (40.9) (32.6)
CADIZ INC CDZI US 62.0 (57.7) 7.1
CADIZ INC 2ZC GR 62.0 (57.7) 7.1
CAESARS ENTERTAI CZR US 14,812.0 (1,926.0) (3,266.0)
CAESARS ENTERTAI C08 GR 14,812.0 (1,926.0) (3,266.0)
CALIFORNIA RESOU CRC US 6,237.0 (447.0) (279.0)
CALIFORNIA RESOU 1CLB GR 6,237.0 (447.0) (279.0)
CALIFORNIA RESOU CRCEUR EU 6,237.0 (447.0) (279.0)
CALIFORNIA RESOU 1CL TH 6,237.0 (447.0) (279.0)
CALIFORNIA RESOU 1CLB QT 6,237.0 (447.0) (279.0)
CAMBIUM LEARNING ABCD US 124.3 (58.5) (69.7)
CAMPING WORLD-A CWH US 1,811.9 (2.9) 332.2
CAMPING WORLD-A C83 GR 1,811.9 (2.9) 332.2
CAMPING WORLD-A CWHEUR EU 1,811.9 (2.9) 332.2
CARDCONNECT CORP CCN US 168.8 (3.4) 21.3
CARDCONNECT CORP 55C GR 168.8 (3.4) 21.3
CARDCONNECT CORP CCNEUR EU 168.8 (3.4) 21.3
CASELLA WASTE WA3 GR 621.2 (23.2) 3.3
CASELLA WASTE CWST US 621.2 (23.2) 3.3
CEDAR FAIR LP FUN US 1,958.3 (47.6) (105.4)
CEDAR FAIR LP 7CF GR 1,958.3 (47.6) (105.4)
CHESAPEAKE ENERG CHK US 11,699.0 (1,203.0) (1,428.0)
CHESAPEAKE ENERG CS1 GR 11,699.0 (1,203.0) (1,428.0)
CHESAPEAKE ENERG CS1 TH 11,699.0 (1,203.0) (1,428.0)
CHESAPEAKE ENERG CHK* MM 11,699.0 (1,203.0) (1,428.0)
CHESAPEAKE ENERG CS1 QT 11,699.0 (1,203.0) (1,428.0)
CHESAPEAKE ENERG CHKEUR EU 11,699.0 (1,203.0) (1,428.0)
CHOICE HOTELS CZH GR 904.1 (292.5) 68.8
CHOICE HOTELS CHH US 904.1 (292.5) 68.8
CINCINNATI BELL CBB US 1,474.0 (127.4) 9.3
CINCINNATI BELL CIB1 GR 1,474.0 (127.4) 9.3
CINCINNATI BELL CBBEUR EU 1,474.0 (127.4) 9.3
CLEAR CHANNEL-A C7C GR 5,386.4 (1,234.5) 339.9
CLEAR CHANNEL-A CCO US 5,386.4 (1,234.5) 339.9
CLIFFS NATURAL R CVA GR 1,925.7 (703.0) 503.9
CLIFFS NATURAL R CVA TH 1,925.7 (703.0) 503.9
CLIFFS NATURAL R CLF US 1,925.7 (703.0) 503.9
CLIFFS NATURAL R CLF* MM 1,925.7 (703.0) 503.9
CLIFFS NATURAL R CVA QT 1,925.7 (703.0) 503.9
CLIFFS NATURAL R CLF2EUR EU 1,925.7 (703.0) 503.9
COGENT COMMUNICA CCOI US 732.7 (63.6) 248.6
COGENT COMMUNICA OGM1 GR 732.7 (63.6) 248.6
COLGATE-BDR COLG34 BZ 12,448.0 (5.0) 787.0
COLGATE-PALMOLIV CL US 12,448.0 (5.0) 787.0
COLGATE-PALMOLIV CPA GR 12,448.0 (5.0) 787.0
COLGATE-PALMOLIV CL SW 12,448.0 (5.0) 787.0
COLGATE-PALMOLIV CL* MM 12,448.0 (5.0) 787.0
COLGATE-PALMOLIV CLEUR EU 12,448.0 (5.0) 787.0
COLGATE-PALMOLIV CLCHF EU 12,448.0 (5.0) 787.0
COLGATE-PALMOLIV CL EU 12,448.0 (5.0) 787.0
COLGATE-PALMOLIV CPA TH 12,448.0 (5.0) 787.0
COLGATE-PALMOLIV CPA QT 12,448.0 (5.0) 787.0
COLGATE-PALMOLIV CLUSD SW 12,448.0 (5.0) 787.0
CONTURA ENERGY I CNTE US 827.7 (4.6) 56.6
DELEK LOGISTICS DKL US 413.6 (19.0) 8.6
DELEK LOGISTICS D6L GR 413.6 (19.0) 8.6
DENNY'S CORP DE8 GR 308.2 (64.7) (45.5)
DENNY'S CORP DENN US 308.2 (64.7) (45.5)
DOMINO'S PIZZA EZV TH 742.5 (1,853.7) 159.2
DOMINO'S PIZZA EZV GR 742.5 (1,853.7) 159.2
DOMINO'S PIZZA DPZ US 742.5 (1,853.7) 159.2
DOMINO'S PIZZA EZV QT 742.5 (1,853.7) 159.2
DUN & BRADSTREET DB5 GR 2,279.3 (979.5) (139.6)
DUN & BRADSTREET DB5 TH 2,279.3 (979.5) (139.6)
DUN & BRADSTREET DNB US 2,279.3 (979.5) (139.6)
DUN & BRADSTREET DNB1EUR EU 2,279.3 (979.5) (139.6)
DUNKIN' BRANDS G 2DB GR 3,196.1 (119.0) 218.1
DUNKIN' BRANDS G DNKN US 3,196.1 (119.0) 218.1
DUNKIN' BRANDS G 2DB TH 3,196.1 (119.0) 218.1
DUNKIN' BRANDS G DNKNEUR EU 3,196.1 (119.0) 218.1
EIGHT DRAGONS CO EDRG US - (0.0) (0.0)
ERIN ENERGY CORP ERN SJ 287.4 (250.8) (277.5)
EVERI HOLDINGS I EVRI US 1,320.5 (109.6) 4.1
EVERI HOLDINGS I G2C TH 1,320.5 (109.6) 4.1
EVERI HOLDINGS I G2C GR 1,320.5 (109.6) 4.1
EVERI HOLDINGS I EVRIEUR EU 1,320.5 (109.6) 4.1
FAIRPOINT COMMUN FRP US 1,197.9 (74.0) 15.6
FAIRPOINT COMMUN FONN GR 1,197.9 (74.0) 15.6
FERRELLGAS-LP FEG GR 1,745.6 (696.5) (50.5)
FERRELLGAS-LP FGP US 1,745.6 (696.5) (50.5)
FIFTH STREET ASS FSAM US 191.2 (1.7) -
FIFTH STREET ASS 7FS TH 191.2 (1.7) -
GAMCO INVESTO-A GBL US 182.5 (148.1) -
GCP APPLIED TECH GCP US 1,077.7 (137.7) 259.3
GCP APPLIED TECH 43G GR 1,077.7 (137.7) 259.3
GCP APPLIED TECH GCPEUR EU 1,077.7 (137.7) 259.3
GMCI CORP GMCI US 0.2 (0.5) (0.6)
GNC HOLDINGS INC IGN GR 2,062.6 (69.2) 490.1
GNC HOLDINGS INC GNC US 2,062.6 (69.2) 490.1
GNC HOLDINGS INC IGN TH 2,062.6 (69.2) 490.1
GNC HOLDINGS INC GNC1EUR EU 2,062.6 (69.2) 490.1
GOGO INC GOGO US 1,270.1 (76.6) 348.7
GOGO INC G0G GR 1,270.1 (76.6) 348.7
GOLD RESERVE INC GRZ CN 47.1 (1.2) 34.4
GREEN PLAINS PAR GPP US 93.3 (63.1) 4.3
GREEN PLAINS PAR 8GP GR 93.3 (63.1) 4.3
H&R BLOCK INC HRB US 2,577.6 (800.8) 648.2
H&R BLOCK INC HRB GR 2,577.6 (800.8) 648.2
H&R BLOCK INC HRB TH 2,577.6 (800.8) 648.2
H&R BLOCK INC HRBEUR EU 2,577.6 (800.8) 648.2
HALOZYME THERAPE HALO US 226.8 (58.5) 160.6
HALOZYME THERAPE RV7 GR 226.8 (58.5) 160.6
HALOZYME THERAPE HALOEUR EU 226.8 (58.5) 160.6
HALOZYME THERAPE RV7 QT 226.8 (58.5) 160.6
HAMILTON LANE-A HLNE US 207.1 (103.6) -
HAMILTON LANE-A HLNEEUR EU 207.1 (103.6) -
HCA HEALTHCARE I 2BH GR 33,795.0 (5,357.0) 3,574.0
HCA HEALTHCARE I HCA US 33,795.0 (5,357.0) 3,574.0
HCA HEALTHCARE I 2BH TH 33,795.0 (5,357.0) 3,574.0
HCA HEALTHCARE I HCAEUR EU 33,795.0 (5,357.0) 3,574.0
HORTONWORKS INC HDP US 220.6 (15.5) (16.7)
HORTONWORKS INC 14K GR 220.6 (15.5) (16.7)
HORTONWORKS INC 14K QT 220.6 (15.5) (16.7)
HORTONWORKS INC HDPEUR EU 220.6 (15.5) (16.7)
HOVNANIAN-A-WI HOV-W US 2,145.3 (128.3) 1,266.8
HP COMPANY-BDR HPQB34 BZ 28,686.0 (3,955.0) (302.0)
HP INC HPQ* MM 28,686.0 (3,955.0) (302.0)
HP INC HPQ US 28,686.0 (3,955.0) (302.0)
HP INC 7HP TH 28,686.0 (3,955.0) (302.0)
HP INC 7HP GR 28,686.0 (3,955.0) (302.0)
HP INC HPQ TE 28,686.0 (3,955.0) (302.0)
HP INC HPQ CI 28,686.0 (3,955.0) (302.0)
HP INC HPQ SW 28,686.0 (3,955.0) (302.0)
HP INC HPQCHF EU 28,686.0 (3,955.0) (302.0)
HP INC HPQUSD EU 28,686.0 (3,955.0) (302.0)
HP INC HPQUSD SW 28,686.0 (3,955.0) (302.0)
HP INC HPQEUR EU 28,686.0 (3,955.0) (302.0)
IDEXX LABS IDXX US 1,572.1 (73.9) (57.5)
IDEXX LABS IX1 GR 1,572.1 (73.9) (57.5)
IDEXX LABS IX1 TH 1,572.1 (73.9) (57.5)
IDEXX LABS IX1 QT 1,572.1 (73.9) (57.5)
IMMUNOGEN INC IMU GR 163.3 (167.5) 101.8
IMMUNOGEN INC IMGN US 163.3 (167.5) 101.8
IMMUNOGEN INC IMU TH 163.3 (167.5) 101.8
IMMUNOGEN INC IMU QT 163.3 (167.5) 101.8
IMMUNOMEDICS INC IMMU US 52.7 (131.9) (36.5)
IMMUNOMEDICS INC IM3 GR 52.7 (131.9) (36.5)
IMMUNOMEDICS INC IM3 TH 52.7 (131.9) (36.5)
IMMUNOMEDICS INC IM3 QT 52.7 (131.9) (36.5)
INFOR ACQUISIT-A IAC/A CN 233.0 (5.5) 0.3
INFOR ACQUISITIO IAC-U CN 233.0 (5.5) 0.3
INNOVIVA INC INVA US 391.9 (334.2) 193.9
INNOVIVA INC HVE GR 391.9 (334.2) 193.9
INNOVIVA INC INVAEUR EU 391.9 (334.2) 193.9
JACK IN THE BOX JBX GR 1,230.9 (469.4) (126.4)
JACK IN THE BOX JACK US 1,230.9 (469.4) (126.4)
JACK IN THE BOX JACK1EUR EU 1,230.9 (469.4) (126.4)
JACK IN THE BOX JBX QT 1,230.9 (469.4) (126.4)
JUST ENERGY GROU JE US 1,238.0 (149.3) 109.1
JUST ENERGY GROU 1JE GR 1,238.0 (149.3) 109.1
JUST ENERGY GROU JE CN 1,238.0 (149.3) 109.1
KENNADY DIAMONDS KDI CN 4.5 (1.4) (3.7)
KERYX BIOPHARM KYX GR 127.7 (22.5) 97.2
KERYX BIOPHARM KERX US 127.7 (22.5) 97.2
KERYX BIOPHARM KYX TH 127.7 (22.5) 97.2
KERYX BIOPHARM KERXEUR EU 127.7 (22.5) 97.2
L BRANDS INC LTD GR 7,881.8 (835.3) 1,320.9
L BRANDS INC LTD TH 7,881.8 (835.3) 1,320.9
L BRANDS INC LB US 7,881.8 (835.3) 1,320.9
L BRANDS INC LBEUR EU 7,881.8 (835.3) 1,320.9
L BRANDS INC LB* MM 7,881.8 (835.3) 1,320.9
L BRANDS INC LTD QT 7,881.8 (835.3) 1,320.9
LAMB WESTON LW US 2,432.2 (650.9) 336.9
LAMB WESTON 0L5 GR 2,432.2 (650.9) 336.9
LAMB WESTON LW-WEUR EU 2,432.2 (650.9) 336.9
LAMB WESTON 0L5 TH 2,432.2 (650.9) 336.9
LANTHEUS HOLDING LNTH US 249.6 (101.2) 67.6
LANTHEUS HOLDING 0L8 GR 249.6 (101.2) 67.6
LENNOX INTL INC LXI GR 1,950.6 (1.0) 148.9
LENNOX INTL INC LII US 1,950.6 (1.0) 148.9
LENNOX INTL INC LII1EUR EU 1,950.6 (1.0) 148.9
MADISON-A/NEW-WI MSGN-W US 864.4 (987.0) 195.4
MANNKIND CORP MNKD IT 85.2 (198.7) (37.0)
MASCO CORP MAS US 5,139.0 (59.0) 1,534.0
MASCO CORP MSQ GR 5,139.0 (59.0) 1,534.0
MASCO CORP MSQ TH 5,139.0 (59.0) 1,534.0
MASCO CORP MAS* MM 5,139.0 (59.0) 1,534.0
MASCO CORP MAS1EUR EU 5,139.0 (59.0) 1,534.0
MCDONALDS - BDR MCDC34 BZ 32,120.3 (2,030.8) 2,686.5
MCDONALDS CORP MDO TH 32,120.3 (2,030.8) 2,686.5
MCDONALDS CORP MCD TE 32,120.3 (2,030.8) 2,686.5
MCDONALDS CORP MDO GR 32,120.3 (2,030.8) 2,686.5
MCDONALDS CORP MCD* MM 32,120.3 (2,030.8) 2,686.5
MCDONALDS CORP MCD US 32,120.3 (2,030.8) 2,686.5
MCDONALDS CORP MCD SW 32,120.3 (2,030.8) 2,686.5
MCDONALDS CORP MCD CI 32,120.3 (2,030.8) 2,686.5
MCDONALDS CORP MDO QT 32,120.3 (2,030.8) 2,686.5
MCDONALDS CORP MCDCHF EU 32,120.3 (2,030.8) 2,686.5
MCDONALDS CORP MCDUSD EU 32,120.3 (2,030.8) 2,686.5
MCDONALDS CORP MCDUSD SW 32,120.3 (2,030.8) 2,686.5
MCDONALDS CORP MCDEUR EU 32,120.3 (2,030.8) 2,686.5
MCDONALDS-CEDEAR MCD AR 32,120.3 (2,030.8) 2,686.5
MDC COMM-W/I MDZ/W CN 1,626.7 (356.8) (280.0)
MDC PARTNERS-A MDZ/A CN 1,626.7 (356.8) (280.0)
MDC PARTNERS-A MDCA US 1,626.7 (356.8) (280.0)
MDC PARTNERS-A MD7A GR 1,626.7 (356.8) (280.0)
MDC PARTNERS-A MDCAEUR EU 1,626.7 (356.8) (280.0)
MDC PARTNERS-EXC MDZ/N CN 1,626.7 (356.8) (280.0)
MEAD JOHNSON MJN US 4,227.1 (392.8) 1,508.5
MEAD JOHNSON 0MJA TH 4,227.1 (392.8) 1,508.5
MEAD JOHNSON 0MJA GR 4,227.1 (392.8) 1,508.5
MEAD JOHNSON MJNEUR EU 4,227.1 (392.8) 1,508.5
MEDLEY MANAGE-A MDLY US 138.5 (14.5) 57.0
MERITOR INC AID1 GR 2,536.0 (125.0) 55.0
MERITOR INC MTOR US 2,536.0 (125.0) 55.0
MERITOR INC MTOREUR EU 2,536.0 (125.0) 55.0
MERRIMACK PHARMA MACK US 68.6 (277.1) (61.7)
MERRIMACK PHARMA MP6 QT 68.6 (277.1) (61.7)
MICHAELS COS INC MIM GR 2,147.6 (1,698.4) 518.6
MICHAELS COS INC MIK US 2,147.6 (1,698.4) 518.6
MIRAGEN THERAPEU MGEN US 57.8 48.0 49.7
MIRAGEN THERAPEU 1S1 GR 57.8 48.0 49.7
MIRAGEN THERAPEU SGNLEUR EU 57.8 48.0 49.7
MONEYGRAM INTERN MGI US 4,437.5 (199.3) (23.5)
MONEYGRAM INTERN 9M1N GR 4,437.5 (199.3) (23.5)
MONEYGRAM INTERN 9M1N TH 4,437.5 (199.3) (23.5)
MONEYGRAM INTERN MGIEUR EU 4,437.5 (199.3) (23.5)
MOODY'S CORP DUT GR 5,435.9 (724.2) 2,061.7
MOODY'S CORP MCO US 5,435.9 (724.2) 2,061.7
MOODY'S CORP DUT TH 5,435.9 (724.2) 2,061.7
MOODY'S CORP MCOEUR EU 5,435.9 (724.2) 2,061.7
MOODY'S CORP DUT QT 5,435.9 (724.2) 2,061.7
MOTOROLA SOLUTIO MTLA GR 8,140.0 (1,037.0) 688.0
MOTOROLA SOLUTIO MTLA TH 8,140.0 (1,037.0) 688.0
MOTOROLA SOLUTIO MSI US 8,140.0 (1,037.0) 688.0
MOTOROLA SOLUTIO MOT TE 8,140.0 (1,037.0) 688.0
MOTOROLA SOLUTIO MSI1EUR EU 8,140.0 (1,037.0) 688.0
MSG NETWORKS- A MSGN US 864.4 (987.0) 195.4
MSG NETWORKS- A 1M4 GR 864.4 (987.0) 195.4
MSG NETWORKS- A 1M4 TH 864.4 (987.0) 195.4
MSG NETWORKS- A MSGNEUR EU 864.4 (987.0) 195.4
NANOSTRING TECHN NSTG US 106.5 (3.1) 59.9
NANOSTRING TECHN 0F1 GR 106.5 (3.1) 59.9
NANOSTRING TECHN NSTGEUR EU 106.5 (3.1) 59.9
NATHANS FAMOUS NATH US 78.3 (67.3) 55.7
NATHANS FAMOUS NFA GR 78.3 (67.3) 55.7
NATIONAL CINEMED XWM GR 1,151.9 (54.1) 92.9
NATIONAL CINEMED NCMI US 1,151.9 (54.1) 92.9
NATIONAL CINEMED NCMIEUR EU 1,151.9 (54.1) 92.9
NAVISTAR INTL IHR GR 5,394.0 (5,329.0) 683.0
NAVISTAR INTL NAV US 5,394.0 (5,329.0) 683.0
NAVISTAR INTL IHR TH 5,394.0 (5,329.0) 683.0
NEFF CORP-CL A NEFF US 652.7 (124.7) 1.3
NEFF CORP-CL A NFO GR 652.7 (124.7) 1.3
NEW ENG RLTY-LP NEN US 190.0 (33.5) -
NYMOX PHARMACEUT NYMX US 1.7 (1.2) (0.2)
NYMOX PHARMACEUT NYM GR 1.7 (1.2) (0.2)
OKTA INC OKTA US 130.6 (15.7) (42.8)
OKTA INC 0OK GR 130.6 (15.7) (42.8)
OKTA INC 0OK QT 130.6 (15.7) (42.8)
OKTA INC OKTAEUR EU 130.6 (15.7) (42.8)
OMEROS CORP 3O8 GR 58.4 (48.1) 34.4
OMEROS CORP OMER US 58.4 (48.1) 34.4
OMEROS CORP 3O8 TH 58.4 (48.1) 34.4
OMEROS CORP OMEREUR EU 58.4 (48.1) 34.4
PENN NATL GAMING PN1 GR 4,947.0 (540.7) (50.0)
PENN NATL GAMING PENN US 4,947.0 (540.7) (50.0)
PHILIP MORRIS IN PM1EUR EU 36,627.0 (10,557.0) 3,529.0
PHILIP MORRIS IN PMI SW 36,627.0 (10,557.0) 3,529.0
PHILIP MORRIS IN PM1 TE 36,627.0 (10,557.0) 3,529.0
PHILIP MORRIS IN 4I1 TH 36,627.0 (10,557.0) 3,529.0
PHILIP MORRIS IN PM1CHF EU 36,627.0 (10,557.0) 3,529.0
PHILIP MORRIS IN 4I1 GR 36,627.0 (10,557.0) 3,529.0
PHILIP MORRIS IN PM US 36,627.0 (10,557.0) 3,529.0
PHILIP MORRIS IN PM FP 36,627.0 (10,557.0) 3,529.0
PHILIP MORRIS IN PMI1 IX 36,627.0 (10,557.0) 3,529.0
PHILIP MORRIS IN PMI EB 36,627.0 (10,557.0) 3,529.0
PHILIP MORRIS IN 4I1 QT 36,627.0 (10,557.0) 3,529.0
PINNACLE ENTERTA PNK US 4,003.8 (351.8) (82.3)
PINNACLE ENTERTA 65P GR 4,003.8 (351.8) (82.3)
PITNEY BOWES INC PBW GR 5,747.2 (46.3) (215.3)
PITNEY BOWES INC PBI US 5,747.2 (46.3) (215.3)
PITNEY BOWES INC PBW TH 5,747.2 (46.3) (215.3)
PITNEY BOWES INC PBIEUR EU 5,747.2 (46.3) (215.3)
PLANET FITNESS-A PLNT US 1,156.4 (188.0) 28.1
PLANET FITNESS-A 3PL TH 1,156.4 (188.0) 28.1
PLANET FITNESS-A 3PL GR 1,156.4 (188.0) 28.1
PLANET FITNESS-A 3PL QT 1,156.4 (188.0) 28.1
PLANET FITNESS-A PLNT1EUR EU 1,156.4 (188.0) 28.1
PROS HOLDINGS IN PH2 GR 210.7 (19.9) 63.0
PROS HOLDINGS IN PRO US 210.7 (19.9) 63.0
QUANTUM CORP QNT2 GR 225.0 (116.0) (42.0)
QUANTUM CORP QNT1 TH 225.0 (116.0) (42.0)
QUANTUM CORP QTM US 225.0 (116.0) (42.0)
QUANTUM CORP QTM1EUR EU 225.0 (116.0) (42.0)
REATA PHARMACE-A RETA US 88.2 (220.3) 34.5
REATA PHARMACE-A 2R3 GR 88.2 (220.3) 34.5
REATA PHARMACE-A RETAEUR EU 88.2 (220.3) 34.5
REGAL ENTERTAI-A RGC US 2,686.1 (826.1) (7.6)
REGAL ENTERTAI-A RETA GR 2,686.1 (826.1) (7.6)
REGAL ENTERTAI-A RGC* MM 2,686.1 (826.1) (7.6)
RESOLUTE ENERGY R21 GR 489.6 (75.9) (69.6)
RESOLUTE ENERGY REN US 489.6 (75.9) (69.6)
RESOLUTE ENERGY RENEUR EU 489.6 (75.9) (69.6)
REVLON INC-A REV US 2,999.0 (642.0) 343.1
REVLON INC-A RVL1 GR 2,999.0 (642.0) 343.1
REVLON INC-A RVL1 TH 2,999.0 (642.0) 343.1
REVLON INC-A REVEUR EU 2,999.0 (642.0) 343.1
ROSETTA STONE IN RST US 185.9 (1.0) (58.1)
ROSETTA STONE IN RS8 GR 185.9 (1.0) (58.1)
ROSETTA STONE IN RS8 TH 185.9 (1.0) (58.1)
ROSETTA STONE IN RST1EUR EU 185.9 (1.0) (58.1)
RR DONNELLEY & S DLLN GR 3,907.3 (174.1) 725.7
RR DONNELLEY & S RRD US 3,907.3 (174.1) 725.7
RR DONNELLEY & S DLLN TH 3,907.3 (174.1) 725.7
RR DONNELLEY & S RRDEUR EU 3,907.3 (174.1) 725.7
RYERSON HOLDING RYI US 1,738.9 (32.7) 676.2
RYERSON HOLDING 7RY GR 1,738.9 (32.7) 676.2
RYERSON HOLDING 7RY TH 1,738.9 (32.7) 676.2
SALLY BEAUTY HOL SBH US 2,070.8 (320.6) 657.6
SALLY BEAUTY HOL S7V GR 2,070.8 (320.6) 657.6
SANCHEZ ENERGY C SN US 2,078.6 (77.6) 29.0
SANCHEZ ENERGY C SN* MM 2,078.6 (77.6) 29.0
SANCHEZ ENERGY C 13S GR 2,078.6 (77.6) 29.0
SANCHEZ ENERGY C 13S TH 2,078.6 (77.6) 29.0
SANCHEZ ENERGY C SNEUR EU 2,078.6 (77.6) 29.0
SBA COMM CORP 4SB GR 7,297.4 (1,916.5) 72.7
SBA COMM CORP SBAC US 7,297.4 (1,916.5) 72.7
SBA COMM CORP SBJ TH 7,297.4 (1,916.5) 72.7
SBA COMM CORP SBACEUR EU 7,297.4 (1,916.5) 72.7
SCIENTIFIC GAM-A TJW GR 7,073.2 (1,995.2) 434.7
SCIENTIFIC GAM-A SGMS US 7,073.2 (1,995.2) 434.7
SEARS HOLDINGS SEE GR 9,071.0 (3,527.0) 127.0
SEARS HOLDINGS SEE TH 9,071.0 (3,527.0) 127.0
SEARS HOLDINGS SHLD US 9,071.0 (3,527.0) 127.0
SEARS HOLDINGS SEE QT 9,071.0 (3,527.0) 127.0
SEARS HOLDINGS SHLDEUR EU 9,071.0 (3,527.0) 127.0
SIGA TECH INC SIGA US 160.8 (296.1) 52.6
SILVER SPRING NE SSNI US 449.6 (42.7) 0.7
SILVER SPRING NE 9SI GR 449.6 (42.7) 0.7
SILVER SPRING NE 9SI TH 449.6 (42.7) 0.7
SILVER SPRING NE SSNIEUR EU 449.6 (42.7) 0.7
SIRIUS XM CANADA XSR CN 307.0 (127.9) (152.0)
SIRIUS XM CANADA SIICF US 307.0 (127.9) (152.0)
SIRIUS XM HOLDIN SIRI US 7,931.8 (921.1) (1,901.0)
SIRIUS XM HOLDIN RDO TH 7,931.8 (921.1) (1,901.0)
SIRIUS XM HOLDIN RDO GR 7,931.8 (921.1) (1,901.0)
SIRIUS XM HOLDIN RDO QT 7,931.8 (921.1) (1,901.0)
SIRIUS XM HOLDIN SIRIEUR EU 7,931.8 (921.1) (1,901.0)
SONIC CORP SONC US 571.7 (157.7) 38.2
SONIC CORP SO4 GR 571.7 (157.7) 38.2
SONIC CORP SONCEUR EU 571.7 (157.7) 38.2
SOURCE ENERGY SE SHLE CN 236.6 (62.2) 18.2
SOURCE ENERGY SE S4O GR 236.6 (62.2) 18.2
SOURCE ENERGY SE SHLEEUR EU 236.6 (62.2) 18.2
STRAIGHT PATH-B STRP US 9.9 (14.2) (7.4)
STRAIGHT PATH-B 5I0 GR 9.9 (14.2) (7.4)
SYNTEL INC SYNT US 443.6 (136.2) 134.5
SYNTEL INC SYE GR 443.6 (136.2) 134.5
SYNTEL INC SYE TH 443.6 (136.2) 134.5
SYNTEL INC SYNT1EUR EU 443.6 (136.2) 134.5
SYNTEL INC SYNT* MM 443.6 (136.2) 134.5
TAILORED BRANDS TLRD US 2,097.9 (107.6) 705.8
TAILORED BRANDS WRMA GR 2,097.9 (107.6) 705.8
TAILORED BRANDS TLRD* MM 2,097.9 (107.6) 705.8
TAUBMAN CENTERS TU8 GR 4,044.9 (75.4) -
TAUBMAN CENTERS TCO US 4,044.9 (75.4) -
TEMPUR SEALY INT TPD GR 2,680.3 (11.3) 90.1
TEMPUR SEALY INT TPX US 2,680.3 (11.3) 90.1
TOCAGEN INC TOCA US 34.3 (1.5) 14.0
TOCAGEN INC 37T GR 34.3 (1.5) 14.0
TOCAGEN INC TOCAEUR EU 34.3 (1.5) 14.0
TRANSDIGM GROUP T7D GR 10,187.3 (2,038.8) 1,587.8
TRANSDIGM GROUP TDG US 10,187.3 (2,038.8) 1,587.8
TRANSDIGM GROUP TDG SW 10,187.3 (2,038.8) 1,587.8
TRANSDIGM GROUP TDGCHF EU 10,187.3 (2,038.8) 1,587.8
TRANSDIGM GROUP T7D QT 10,187.3 (2,038.8) 1,587.8
TRANSDIGM GROUP TDGEUR EU 10,187.3 (2,038.8) 1,587.8
UBI BLOCKCHAIN I UBIA US 0.0 (0.4) (0.4)
ULTRA PETROLEUM UPL US 1,699.0 (3,016.7) 331.2
ULTRA PETROLEUM UPL1EUR EU 1,699.0 (3,016.7) 331.2
UNISYS CORP UISCHF EU 1,962.3 (1,626.7) 19.3
UNISYS CORP UISEUR EU 1,962.3 (1,626.7) 19.3
UNISYS CORP UIS US 1,962.3 (1,626.7) 19.3
UNISYS CORP UIS1 SW 1,962.3 (1,626.7) 19.3
UNISYS CORP USY1 TH 1,962.3 (1,626.7) 19.3
UNISYS CORP USY1 GR 1,962.3 (1,626.7) 19.3
UNITI GROUP INC UNIT US 3,280.7 (1,426.9) -
UNITI GROUP INC 8XC GR 3,280.7 (1,426.9) -
VALVOLINE INC VVV US 1,907.0 (218.0) 261.0
VALVOLINE INC 0V4 GR 1,907.0 (218.0) 261.0
VALVOLINE INC 0V4 TH 1,907.0 (218.0) 261.0
VALVOLINE INC VVVEUR EU 1,907.0 (218.0) 261.0
VECTOR GROUP LTD VGR GR 1,387.1 (264.3) 469.4
VECTOR GROUP LTD VGR US 1,387.1 (264.3) 469.4
VECTOR GROUP LTD VGR QT 1,387.1 (264.3) 469.4
VERISIGN INC VRS TH 2,315.5 (1,187.7) 317.8
VERISIGN INC VRS GR 2,315.5 (1,187.7) 317.8
VERISIGN INC VRSN US 2,315.5 (1,187.7) 317.8
VERISIGN INC VRSNEUR EU 2,315.5 (1,187.7) 317.8
VERSUM MATER VSM US 1,120.0 (61.7) 388.9
VERSUM MATER 2V1 GR 1,120.0 (61.7) 388.9
VERSUM MATER VSMEUR EU 1,120.0 (61.7) 388.9
VERSUM MATER 2V1 TH 1,120.0 (61.7) 388.9
VIEWRAY INC VRAY US 90.8 (27.0) 34.6
VIEWRAY INC 6L9 GR 90.8 (27.0) 34.6
VIEWRAY INC VRAYEUR EU 90.8 (27.0) 34.6
WEIGHT WATCHERS WTW US 1,301.0 (1,185.2) (33.3)
WEIGHT WATCHERS WW6 GR 1,301.0 (1,185.2) (33.3)
WEIGHT WATCHERS WW6 TH 1,301.0 (1,185.2) (33.3)
WEIGHT WATCHERS WTWEUR EU 1,301.0 (1,185.2) (33.3)
WEIGHT WATCHERS WW6 QT 1,301.0 (1,185.2) (33.3)
WELBILT INC WBT US 1,837.1 (26.3) 94.8
WELBILT INC 6M6 GR 1,837.1 (26.3) 94.8
WELBILT INC MFS1EUR EU 1,837.1 (26.3) 94.8
WEST CORP WSTC US 3,456.0 (390.6) 243.4
WEST CORP WT2 GR 3,456.0 (390.6) 243.4
WIDEOPENWEST INC WOW US 2,661.6 (645.2) (33.7)
WINGSTOP INC WING US 113.2 (67.3) (3.5)
WINGSTOP INC EWG GR 113.2 (67.3) (3.5)
WINMARK CORP WINA US 47.4 (2.3) 12.4
WINMARK CORP GBZ GR 47.4 (2.3) 12.4
WORKIVA INC WK US 139.8 (5.0) (2.5)
WORKIVA INC 0WKA GR 139.8 (5.0) (2.5)
YRC WORLDWIDE IN YRCW US 1,727.9 (438.0) 243.7
YRC WORLDWIDE IN YEL1 GR 1,727.9 (438.0) 243.7
YRC WORLDWIDE IN YEL1 TH 1,727.9 (438.0) 243.7
YRC WORLDWIDE IN YEL1 QT 1,727.9 (438.0) 243.7
YRC WORLDWIDE IN YRCWEUR EU 1,727.9 (438.0) 243.7
YUM! BRANDS INC YUM US 5,151.0 (5,812.0) (281.0)
YUM! BRANDS INC TGR GR 5,151.0 (5,812.0) (281.0)
YUM! BRANDS INC TGR TH 5,151.0 (5,812.0) (281.0)
YUM! BRANDS INC YUMEUR EU 5,151.0 (5,812.0) (281.0)
YUM! BRANDS INC TGR QT 5,151.0 (5,812.0) (281.0)
YUM! BRANDS INC YUMCHF EU 5,151.0 (5,812.0) (281.0)
YUM! BRANDS INC YUM SW 5,151.0 (5,812.0) (281.0)
YUM! BRANDS INC YUMUSD SW 5,151.0 (5,812.0) (281.0)
YUM! BRANDS INC YUMUSD EU 5,151.0 (5,812.0) (281.0)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.
Copyright 2017. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-362-8552.
*** End of Transmission ***